Buyer Fatigue

Let’s talk 𝗯𝘂𝘆𝗲𝗿 𝗳𝗮𝘁𝗶𝗴𝘂𝗲

The Denver market is always tough…but the early spring frenzy of new year excitement, high buyer demand, trying to beat rising interest rates, and sellers who aren’t quite ready to list have made things more challenging…and we’re all feeling it.

This is what we’re seeing ➡️
• Double digit offers
• Places selling 10%+ over list price
• Buyers offering appraisal gap coverage, limiting inspection repairs, free post-occupancy agreements, paying seller costs, etc

So if you want to buy, what’s the solution…Wait for things to “calm down?” Sign a lease for a year and watch values to go up 10%+, disregard basic rules of supply and demand + think somehow prices are going to drop despite the fact that there are dozens of buyers willing to pay a premium for the same house?

My advice ➡️ 𝘀𝘁𝗮𝘆 𝘁𝗵𝗲 𝗰𝗼𝘂𝗿𝘀𝗲. Yes, it might be hard…but so are most things in life that are worthwhile.

Here are a few tips on finding a house this spring, and not burning out in the process:

𝗦𝘂𝗯𝗺𝗶𝘁 𝗼𝗳𝗳𝗲𝗿𝘀 𝘁𝗵𝗮𝘁 𝘆𝗼𝘂 𝗵𝗮𝘃𝗲 𝗮 𝘀𝗵𝗼𝘁 𝗮𝘁 𝗯𝗲𝗶𝗻𝗴 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗼𝗻. If other offers are tens of thousands higher or have aggressive terms you don’t want to play with, let it go
𝗕𝗲 𝗿𝗲𝗮𝗹𝗶𝘀𝘁𝗶𝗰 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗽𝗿𝗶𝗰𝗲 𝗿𝗮𝗻𝗴𝗲 + 𝗲𝘅𝗽𝗲𝗰𝘁𝗮𝘁𝗶𝗼𝗻𝘀. If houses you like are starting in your budget and skyrocketing out of it, adjust your price point focus + reconsider expectations on the type of house you can afford
𝗥𝗲𝗲𝘃𝗮𝗹𝘂𝗮𝘁𝗲 𝘆𝗼𝘂𝗿 𝗻𝗲𝗲𝗱𝘀/𝘄𝗮𝗻𝘁𝘀. Can you broaden locations? Do you have to have a 2nd bathroom? Could a TH/condo be a good fit? Can you do updates yourself?
𝗔𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘆𝗼𝘂𝗿 𝘀𝗲𝗮𝗿𝗰𝗵 𝗱𝗶𝗳𝗳𝗲𝗿𝗲𝗻𝘁𝗹𝘆. Instead of looking at the hot new listings, browse places that have made it through the first weekend or have been sitting with no movement
𝗕𝗲 𝗮𝗴𝗴𝗿𝗲𝘀𝘀𝗶𝘃𝗲 𝘄𝗵𝗲𝗻 𝘆𝗼𝘂 𝗳𝗶𝗻𝗱 𝗮 𝗽𝗹𝗮𝗰𝗲 𝘆𝗼𝘂 𝗹𝗼𝘃𝗲. If you want to play the competitive house game, you’re not going to feel like you’re getting a deal, you're going to feel like you’re giving up a lot. Come to terms with that + determine your comfort level with crafting competitive offers