Being Competitive in a Seller's Market
/We’re getting into spring time (even though is doesn’t feel like it around here 🥶), which means more buyers are entering the market and it’s so important to submit solid and competitive offers on homes.
So what can you do to be competitive in Denver’s seller’s market without just throwing more money on the table?
Start with a fair and reasonable offer price! Your agent will take the list price into consideration, but should also look at nearby for sale/under contract/recently sold properties to see what other comparable homes are selling for and how quickly. A lowball offer will likely be ignored. Come in with with a strong offer price at the beginning to get your offer accepted and put yourself in the best possible position in the case of a multiple offer situation.
Get completely pre-approved and work with a reputable local lender. You want someone who has a good reputation of completing a thorough pre-approval process and has a track record of smooth and successful transactions. It can go a long way when you have a lender who is willing to call a listing agent on your behalf, advocate for the solidity of your financing, and be able to say that they’ve never had someone they’ve pre-approved not be able to close!
Be willing to compromise on inspection and repair requests. Major health and safety issues should be addressed, but the minor things should probably be let go. Getting a home warranty (or working with an agent who will purchase one for you 🙋🏻♀️) is a great option to give you peace of mind as a new homeowner, especially when it comes to the unexpected repair or replacement of appliances and home systems...and it will cover many of the concerns that may arise during an inspection.
Be flexible on possession date. Some sellers want a quick sale, but some want a little more time after closing to find a replacement home and move. If you’re open to a seller rent-back, you may be able to offer a lot of convenience to the seller that could make your offer more compelling.
