It can be exciting to buy a house, but let's face it, there is a lot involved; from searching for just the right property, to securing a contract, to getting through inspections and more. But perhaps few things can be more challenging than finding the house you love, then losing it to another buyer.
The housing market continues to maintain strength, and it's easy for homebuyers to end up with the short end of the stick in today's hot market if they don't follow a few time-honored strategies.
Here are seven tips to help you come out on top:
1. Know your target market. While market conditions are generally hot, the market can vary from specific areas and price points. Your Realtor should be able to advise you about specific market and guide you accordingly. Couple this information with your own research so when you find your dream home, you are comfortable with the whole approach and avoid either underbidding or offering too much.
2. Be ready to move quickly. If a house within the greater Denver, Boulder or Fort Collins area is well priced and shows great, you can expect that it will not stay on the market long. Be ready to move quickly and negotiate appropriately to get the house you want. If you hesitate or lose focus, you will end up going through months of frustration rather than enjoying a new home.
3. Submit a high-quality offer from the start. In today's market, it's not always about submitting the highest bid. Any experienced Realtor (or home seller) understands the highest price isn't always the best offer. Depending on your motivations and financial capabilities, consider higher amounts of earnest money deposits, offering a bigger down payment, or even waiving the appraisal clause. Also, take the critical contract deadline dates into consideration - getting all contract contingencies out of the way as soon as possible will make your offer more attractive.
4. Don't sweat the small stuff. When negotiating, try to think ahead to the enjoyment you and your family will get out of the home in the years to come rather than focusing on minor property blemishes or deficiencies that can be easily addressed later. Even paying slightly more than you'd hoped is a minor issue when taken over the course of many years.
5. Be flexible. While it can be difficult to look past your own self-interests, try to understand the seller's requirements and needs. Think of the process from his or her perspective, and try to appreciate what the seller hopes to get out of the transaction or do your best to accommodate a seller.
6. Get personal. Want to make a lasting impression and set yourself apart from competing prospective buyers? Take a page out of the job-interview handbook and write a personal letter to the seller explaining how much you love their home. Include the letter with your contract offer, and you are guaranteed to stand out from the other offers. Be sure to be specific with details you mention for the greatest impact. For example, telling how you hope to raise a family there and look forward to using the large backyard is sure to leave more of an impression than just telling the seller you liked their home.
7. Hire a full-time experienced Realtor. A knowledgeable and experienced Realtor acting as a buyer's agent understands the real estate market and can assist you at the highest level. He or she can provide you with information on property values and explain the current marketplace nuances. Hiring a part-time real estate agent will result in partial results - so why make this mistake with one of your most important decisions. Hire a full-time Realtor for full-time results!
Ready To Get Started Or Have A Question?
Other Helpful Links
Search Real Estate By:
Servicing Denver, Boulder & Fort Collins Colorado metro areas.