The Denver area has been in a seller’s market for a while and although that is positive in regards to homeowner‘s equity, it can be problematic for most buyers. First time, FHA or bargain hunting buyers will find it difficult to get an offer accepted. We have obtained favorable outcomes for all our buyers in this market, but it has taken some new strategies and a bit more time. Here are three things to keep in mind when considering purchasing property right now:
- Be realistic- Even if you have bought many times before, this is different territory. Prices have increased dramatically since last year and properties that are distressed or priced low, aren’t common like we saw a few years ago. Have a good understanding of what you need and want to make sure it is still in your price range.
- Be patient – Inventory is low, so it might take some time before a property meeting your criteria is available. Then once you find something worthy, it could take several offers before one is accepted. We just helped a first time home buyer find the perfect condo…after we made offers on 8 other properties.
- Prepare to make a strong offer – Have a strong pre-qualification letter from your lender ready along with any other funds you will be using. Explore all your options and know what the most competitive offer you can make financially and what would make most sense for your future. Know where your “walk away” line is and stick with it, don’t get so caught up in a bidding war that your emotions get you in trouble.
The most important thing you can do to give yourself an advantage is have a team of professionals experienced in this market on your side to educate, advise and walk through each step with you. CO Home Base has been successful in matching buyers with their dream homes for years and have been excelling in this market. Here’s a video of our clients talking a little about their experience: