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Home bidding wars erupting22 May

Kim Duty and her husband, Steve, three years ago moved to Denver from the Washington, D.C.  area, arguably the hottest real estate market in the country. At first, they were in no hurry to buy. And as a vice president of communications for the National Multi Housing Council – a trade group that represents apartment owners, managers, developers lenders and service providers – she knows better than most people all of the arguments for renting instead of buying.

But she also knew where rents were going – up – and since they really like Denver and wanted to put down roots, they decided it was time to sign on the dotted line.

“Ironically, the first home we bid on, we lost in a bidding war,” Duty said, adding that is the type of thing one would expect in the market they moved from, not in Denver, where sales activity remains soft by historical standards.

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