Northern Colorado tends to feel like a permanent seller’s market, full of competition for every house you look at. Inventory is low with higher prices, and it can become frustrating. Let’s discuss 8 ways to make this process much better when you’re a buyer!
Pre-Approval
When you come in pre-approved by a lender for a specific amount, the seller knows you’re both qualified and motivated to buy the home. It shows financial stability as well, allowing the seller to see that the process will be smooth and simple if they go with you as their buyer.
Hire a Professional with Experience
When you hire a real estate agent with experience and knowledge (such as me!), it can give you major advantages in a competitive market. We have the ability to find out about listings immediately and can keep you apprised of all updates in real time.
Be Ready to Act
In a seller’s market, homes literally come and go overnight. It’s that competitive and quick. Because of this, you need to be ready to make a decision almost immediately on if you’d like to put an offer in. Be flexible and available for a showing as soon as one is available.
Put in a Fair Bid
Obviously, you don’t want to pay more than required for a new house, but you also don’t want to lose out on the one you want with a low-ball offer either. You need to work with your agent on determining an offer strategy that is fair to everyone.
Attractive Offers Work Too
There are a few things that can help you stand out from the crowd to sellers. This includes putting down a larger deposit to show you’re serious, agree to terms that simplify their end of things (such as keeping a swing set in the backyard instead of having them move it), and being flexible with your closing date to better accommodate them.
Write It Out
Oftentimes, homeowners have formed attachments to their house and moving can be hard from an emotional standpoint. Show them that you’re serious and emotionally invested in their home as well with a letter. Tell them what you love about it and what your plans for it are. This can help the seller decide on a buyer when a connection is established.
Is There Room For Compromise?
Yes, you probably have the idea of the perfect, move-in ready home, but it might not be so simple to find. Search your soul to determine what you absolutely must have vs. what you could let go of and take it from there. This will help you be less picky and more open to what is available.
Have Patience
Yes, there will be a lot of competition in your search, that’s just a fact of a seller’s market. Be patient because the perfect home and circumstances will come along for you! It is out there!
The Bottom Line
If you’re looking to buy, get in touch with me today to get started on financing approval and to begin your search! I’m here to help you navigate the strange world of a seller’s market!
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