Finding a home in the Denver market lately is proving to be very difficult. The competition is especially tight for buyers shopping in a price range under 550K. Lucky for our clients, we have several strategies that we employee to get our buyers offers at the top of the offer pile, and help you to secure the home of your choice. Here are a few tips to consider on your part, so that we are able to work together to submit winning bids on your behalf.
First: In this market be prepared to be a little flexible. We are not suggesting you buy just any home, we are suggesting that if you have a list of ten items that are very important in the home, be willing to shave maybe two of those items off the list. This is so important. In this market it really is nearly impossible to find the perfect home, but with our assistance, you can find a great home that checks nearly every item
off your list.
2nd: Be prepared to bring a higher offer amount but not too high. Unless you are offering cash, a bank will not lend more than a home is worth. This is determined by appraisers (hired by the bank) who come in after a property is under contract and determine the actual worth. This is usually based on the neighborhood averages of recently sold homes and then adding or subtracting to that base amount if the home is more improved or is in need of catching up to the rest of the neighborhood in
terms of finishes. We will do very thorough neighborhood research on our end to ensure that we are submitting a strong offer on your behalf, while not over valuing the home.
3rd: Be ready to move quickly with an offer when we do find the right house. It really is best to speak with your lender prior to searching for homes. Having your loan approval, and lender letter confirming approval when your offer is submitted will give you an advantage that is much needed in this market.
4th: Try appealing to sellers with a letter to introduce yourself or your family. Many times when sellers are faced with reviewing multiple offers, you can stand out by putting the time in to write a personal letter to the sellers. There is no guarantee that the sellers will ever read your letter, but they often do, and this can put you ahead.
Lastly, and most important: Hire the right realtor! In this highly competitive market, you absolutely can’t hire a realtor who is selling real estate as a part time job, or someone who is not experienced. This is not a market where your realtor should have the luxury of working part time, or when it is convenient for them. We don't understand when we reach out to a realtor and hear a voice message that says they don't work Sundays, or they don't work after 7PM, etc… Sorry, but with the low
inventory and desperate buyers, that’s not an option. We are available to you when you need us, when the perfect house pops up on the search, and you want to see it right now. We understand the urgency of being ready to go in this market.
These tips are a great start in navigating through this highly competitive market. Please let us know when you need us! 720-495-5705