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3 Things You Need To Know About Buying In The Denver Real Estate Market
Be ready- What does this mean? It means do your research before you go out shopping. Drive around neighborhoods to see which ones you like. That way when the listings come on the market you can either pass them by because you know it doesn't suit you or you can get out and see it right away because you know you do. Research ahead of time saves you from running yourself (and your agent) ragged going to showing after showing for homes in neighborhoods you don't like. Being ready also means being pre-approved for a loan. In this fast paced market you absolutely must be pre-qualified and have a letter from a lender stating this to accompany your offer. You don't want to find the perfect home and miss out because you aren't taken seriously due to a lack of pre-qualification.
Don't give up- The Denver real estate market can be maddening for buyers right now. Many buyers are looking at well over 25 houses and writing a handful of offers before securing a contract. This can be very discouraging. You find a home you love and the price is right so you decide to make an offer. You picture yourself in it, you are excited, you are hopeful.........only to find out you didn't get the contract due to multiple offers above yours. The home you were having a mental love affair with is now gone! This will likely happen at least a few more times before you actually get one under contract. You have to develop a bit of a thick skin, just move on to the next one and believe that when the right property is listed you will end up getting it.
Be dedicated- Be dedicated to an agent who is dedicated to you. Work with a real estate agent who is dedicated to you and helping you find your next home. Often people are hesitant to commit to working with one agent because they think they may get a better deal using the listing agent. It is absolutely the opposite. If you have the listing agent represent you you they will be treating you as a customer or acting as a transaction broker. In either case they will NOT be advocating for you and your best interest because they law does not allow them to do so. What you want is your own Buyer's Agent who will advocate and negotiate for your best interests. That is how you get the best deal. Even if the listing agent drops the commission in order to represent both parties the difference the seller saves does not go to the buyer in most cases the buyer ends up paying more and the seller saves some on the commission.
This may all seem like it's not worth it. Maybe you should wait a while till the market calms down.................probably not! Interest rates are forecasted to rise in the early Summer 2015. When this happens it will likely cause the market to calm down a bit and maybe prices will even drop or at least people may not be paying way over the listed price without a second thought. The problem here is when rates go up the purchase price of what you can afford goes down. So do you want to buy less house and pay more interest? No? Then get out there and fight for a house now! If you want an agent who will be dedicated to you give me a call and I'll fight for a house with you!
CO Real Estate Resource- Tania May - Associate Broker - EXIT Realty DTC - Specializing in assisting first time buyers and seasoned real estate owners with residential real estate transactions in Parker, Castle Rock, Littleton, Greenwood Village and Highlands Ranch. Tania has 20 years of experience in residential real estate investment and improvement for maximizing profit. Tania is well versed in all phases of residential construction. Tania May 303-590-5223-Direct
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....