It is a known thing that Denver’s real estate market is red hot right now. The U.S. Census Bureau estimated over 100,000 people migrated to Colorado within the past year. Also, Colorado ranked seventh among all states for the total number of people added, just between North Carolina and Arizona. So it’s no surprise that homebuyers are struggling to find the right house before someone else has put it under contract. The pressures of the market are taking the already emotional experience of home buying to the next level. If you are experiencing this problem as a Denver area home buyer, here are some tips to help break through the competition.
Hire an agent who moves fast
Not all real estate agents are the same, and some have experience working with more sellers than buyers and vice versa. Some may even work part time, and have other commitments. It is important to find a real estate agent who is fully committed and is available to meet with you in a timely manner. At BSW Real Estate Group, we have a full team behind every client and we are able to assist in all areas of the housing market. If you are looking to buy, we have experienced buyer’s agents that are very in-tune with the current struggles that a fast-paced market present. We realize how time is of the essence when searching for a home in a hot market. It is critical to keep in mind that there are many different kinds of agents, so you need to be smart about who you choose to help you find your home.
Set up instant property alerts
Sign up for instant property alerts where you can save your search criteria and receive email or text alerts. We recommend recolorado.com because they are connected to the MLS and it updates within minutes. The site will then notify you within minutes of a new listing hitting the market. During a time when homes are selling within days, receiving alerts when a property that meets all your criteria becomes available is crucial.
Be prepared to make an aggressive offer
When a real estate market is in high demand, such as Denver, there’s no time for being particular. Listing agents are very busy during a time such as this. They are most likely receiving multiple offers, and they have to determine which contracts are the best for their sellers. Many buyers out there are willing to offer thousands of dollars above the listing price of the home. Therefore, if you want to buy a home, you have to keep up and compete. At BSW Real Estate, we know the best way to structure a contract to make it as appealing as possible to home sellers. We suggest working with your agent to form an offer strategy in the beginning of your home search. The process will go much smoother if you create a strategy at the get go instead of relying on emotions during the time of sale. Emotions can often trigger impulsive decisions, and can cause deals to fall apart later on. The bottom line is to learn your market, develop a strategy, and stick to it.