Navigating Your Home Search in a Seller’s Market

    It can seem like a monumental task to find a home that fits your wants, must haves and budget even in the best market conditions.  If you do find a home that fits your criteria, you will most likely be competing with multiple offers and well above asking price.  Here are some things to do to be prepared to land the home of your dreams even in Denver’s tight seller’s market.

    • Get Prequalified 

    This shows the seller that you are an eligible and serious buyer.  This blog entry lays out the steps and reasons for preapproval.

    • Find a Rock Star Agent

    According to 5280 magazine, There have been countless first-time buyers outbid by investors with cash offers; sellers who get more than two dozen offers (all above asking price); new listings with lines of hopeful home-seekers waiting on the sidewalk to get inside; people who write lengthy letters to homeowners about why they should be the victor. Even so, you can still win with the help of solid financing and a reputable real estate agent.  Check out Wisdom’s profile of top agents here!

    • Be Available

    Treat house hunting as you would job hunting.  If you are serious about your home search, being available is essential because you are competing with so many other buyers.  If you find something you like, don’t hesitate to call your agent and have a showing scheduled that day, if possible.

    • Don’t Hesitate to Make an Offer

    If you find something that you like, don’t wait!  Be prepared to make an offer at asking or above to stand a chance.  In fact, start with your highest and best.  Also, be equipped with an approval letter in hand from lender to show the seller that you mean business.

    • Compromise

    This doesn’t have to mean you settle on a home that you dislike but you may have to narrow your search on features that you really need over wants.  No matter what your price range is, you’ll need to compromise (on cost, location, size) to find your ideal home.  You might want to consider a new build.  Lowry, Jefferson Park and Stapleton are filled with construction crews and new (or somewhat new) properties for sale.

    The Denver area may be a tricky market to navigate, but know what you are up against with the latest market stats.

     

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