Buying a Home in a Tough Seller's Market

Well, secret’s out - Denver is a great place to live! Combine significant population growth in recent years, millennials entering the housing market, COVID making people realize home is more important than ever + historically low interest rates...and we’ve got lots of buyers with not enough houses to go around. Here are a few tips to consider to help you get under contract on a place you love:

GET A THOROUGH PRE-APPROVAL WITH A LOCAL LENDER • The solidity of your financing is going to be a huge consideration of sellers. Local lenders have the best reputation and listing agents also want someone they can contact directly (usually on weekends/evenings) to advocate for you, so availability is key

BE FLEXIBLE ON PRICING • It’s super common right now for homes to go under contract within just a few days, with multiple offers, for over list price. Focus your search about 10-30k under your max budget so you have some wiggle room if you need to be competitive

OFFER THE SELLER CONVENIENCE WITH TIMING • Be open to closing quick...or possibly offering the seller a post-closing occupancy agreement in case they want to stay in the home a little longer after closing 

ADD SOME COMPELLING TERMS TO YOUR OFFER • Limit post-inspection requests to major issues...give the seller reassurance you’ll cover all or part of an appraisal gap if there ends up being one...escalate your offer price if competing offers are on the table

GET A REALTOR WHO WILL WORK HARD FOR YOU • Setting you up on a home search and opening doors for showings are the bare minimum of what your agent should do for you. They should establish consistent communication with the listing agent on the home you’re interested in, gather info + give advice and strategy on crafting a winning offer, and be your #1 advocate conveying that you’re the best buyer for the home!

Have questions? Send me a text or email!