In a seemingly endless sellers market, it’s easy to become discouraged if you’re a house hunter. In Denver, a listing can go from new to under contract to sold before you can even schedule a showing. However, don’t lose all hope! These tips for buyers in a sellers market will help you achieve success and get you to closing day on the home of your dreams.
- Use an Agent
We promise, this is not some kind of shameless plug. This is just what you have to do to be a successful homebuyer in a market as hot as Denver’s. Not only does a Realtor have the expertise to guide you through the entire process, they also know about homes that are ABOUT to hit the market before they’re listed in the MLS. They know what you’re looking for, and can get you a showing the minute a home hits the market! Think of your real estate agent as your chance to see into the future!
- Get Pre-Approved
We recommend you do this no matter how hot the market is, but it’s especially important when homes are flying off the market like hot cakes! If you find the home of your dreams, chances are there are going to be 2-3 other people who also want to claim it as their own. So, if you have to wait on lenders to get approved for a mortgage, you’re likely to lose it to someone who’s better prepared. Plus, when you are pre-approved, you eliminate the chances of falling in love with a home that’s out of your budget.
- Start with the RIGHT Offer
Think about it…if you’re selling something that’s in high-demand, you are probably pretty unlikely to entertain a less-than-impressive offer. A red-hot sellers market is not the place to bargain shop! Like we said before, your dream home is being dreamt about by more people than you can imagine. If you come in with a lowball offer in a buyer’s market, sure, the owner may want to get into a negotiation with you. However, in a sellers market, they have someone else in line ready to offer them something better. Wondering how to craft an appealing, hard-to-resist offer? See Tip No. 1.
With the Denver real estate market starting to slow just in time for spring homebuying season, the sellers market is expected to stick around well into 2018. So, be prepared and set yourself up for success by keeping these tips in mind. As always, all of us here at The BSW Group are here to help! We’re experts in everything real estate, from buying, to selling, to investing. Give us a call or shoot us an email if you’re looking for guidance!