According to our latest market update, buying a home in Denver is the most competitive it has ever been. Supply is extremely low and demand is extremely high. These factors are sending home prices sky rocketing. But, this doesn’t mean you have to overpay or forsake finding your dream home. Instead, it is simply essential in this current market to enter with a competitive edge. It is crucial that you enter the market as a competitive home buyer. Especially at affordable price points, the amount of days a home spends on the market is shrinking and bidding wars are the status quo.
By choosing Corken + Company you have done half of the hard work! Having an experienced professional on your side is one of the most important moves you can make in being a competitive home buyer, especially in a rapidly changing market. We have summarized below a few tips from ReColorado to help you act fast. Our team can help you act with confidence in this notoriously hot market.
Know Your Wishlist
Having a narrowed, comprehensive, and thoughtful set of criteria to work within will help you prioritize properties. Ranking your criteria will be even more helpful. What are your deal breakers? Which of your criteria are more important to you than others? Having a good idea of what you’re looking for will help you be intentional in your search. Self-assured, when the right property comes along you can make your move.
Establish A Budget
Once you know what you hope for, you have the hard task of reckoning that list with what you can afford. No matter how you plan to pay, you should have your finances in order. If you are borrowing, get pre-approved. For those using cash, confirm your limits. If you are needing to sell your current home, work closely with your realtor to understand that process and take the necessary steps to prepare for a seamless transition. Having the financial aspects of this process in order will ensure every other part will run as smoothly and quickly as it needs to.
Set Up an Alert
On your own and with your relator, set up alert systems to be notified when new homes come on the market. Your realtor will likely be notified more quickly through the MLS but it doesn’t hurt to have some of your own back up alerts established on sites like Zillow and Redfin. Corken + Company is happy to meet with you, create a criteria list, and set up a specific search for your dream home in the MLS. If you have a well-defined list of criteria, these alerts can be specific and incredibly helpful. Quality over quantity here. It only takes one home to be your dream home.
Check Your Email
The other component of setting up an alert is that you have to check those alerts regularly. Set up notifications on your phone or check your email a few times a day. A few hours can make a huge difference in the homebuying process. Especially once you are under contract, your responsiveness and involvement will keep negotiations progressing. While your realtor should be doing most of the heavy lifting, having the answer immediately when your input is necessary will allow them to their part more efficiently and effectively.
Make A Competitive Offer
If you have thoroughly completed the tasks set forth above, this step should come easy. Your realtor, familiar with your personal and financial parameters, should be able to make a strong offer that sets you apart from the multitude of competition. This is the moment all of your prep work will lead to, and having a strategic offer will likely make or break the entire transaction.
We know that being a home buyer in the Denver Metro market can seem intimidating, but that is no reason to put off homeownership or remain stuck in a home you’ve outgrown. Corken + Company, swimming in the proverbial pool that is the Denver market for more than twenty years now, can assure you the water is fine. We can help you be a competitive home buyer & dive right in! We have the experience, resources, and solutions to guarantee you swim laps around the competition.