Denver Real Estate = Sellers Market
As we help buyers in this Denver real estate market the primary comment we get is there is nothing to buy (inventory is low). Once they decide to move and to make an offer they tend to disbelieve the statistics and make low offers where homes are selling in days (low days on market = full price or above). The reality pill tastes bitter when they loose their first dream home, and then their second. This is all price sector sensitive of course with some markets in Denver having more homes for sale due to their price range. To be successful today’s Denver buyer needs to be ready to go into battle and has to be well armed! We are happy to share some strategies that have proven to get the Seller’s attention and to bring your offer to the top of the pile, but read this first. Then give Pete a call!
If competition is a buyer’s biggest concern, for goodness’ sake, get in the game. In a new survey of close to a thousand home buyers conducted by Redfin, affordability is still the number one concern but due to low inventories, competition from other buyers is moving its way up the poll.
26% identified affordability while 19% mentioned competition and 15% mentioned low inventory as their respective top concerns.
To win, athletes study the competition to come up with a plan and buying a home is not different.
- Ask what terms are important to the seller before you write the offer.
- Once you decide to make an offer, do it as fast as you can, hopefully, to be the only one the seller is considering.
- Make a good (or possibly, your best) offer in the beginning; you may never get a chance at improving it. In highly competitive situations, offer above the list price.
- Attach your pre-approval letter from a respected lender. This means you’ll need to get pre-approved before you even think about writing an offer.
- Have your lender call the listing agent to reassure them of your ability to qualify.
- Include a higher than normal amount of earnest money to show you are serious.
- Eliminate unnecessary contingencies.
- Write a personal, hand-written letter telling the seller what you like about their home and why you want it. Consider including pictures of your family.
- Minimize seller expenses paid for the benefit of the buyer.
- Shorten inspection times.
- Don’t ask for personal property.
- Be flexible on closing dates to accommodate the seller’s move.
Once you find your dream home, don’t take a chance on losing it. Write a winning offer that will be good for both the sellers and the buyers.