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5 Spring Home Buying Strategies
The spring home-buying boom is underway, and this year buyers in the Denver metro area will face an increased amount of competition due to low housing inventory. In order to be successful in competitive markets, buyers need to be strategic in how they approach finding their dream home. Here are five tips to incorporate into the home buying process that will help prepare buyers with all of the information they need.
Step Away from the Computer
Despite the fact that 90 percent of home buyers start their search online, buyers should also consider getting outside and canvassing their desired neighborhoods. In a low inventory market, it's important to be proactive and not waste time weighing options, because by that time, the property might be off the market. Often times buyers hope for a burst of new inventory in the spring, but that doesn’t always happen. Even if that burst comes, demand will outstrip supply, so buyers have to be in a position to make a decision quickly.
Get to Know the Current Housing Market
Every housing market is different, so it's important to do research on the market and neighborhood trends. Finding a good real estate agent and keeping up with local real estate news is crucial for buyers to understand the nuances of their local housing market. Buyers need to get up to speed quickly on market values so they know the right decision when it presents itself. The more quickly buyers can educate themselves, the more successful the home search will be.
Grab Those Low Mortgage Rates—Before it's too Late!
While mortgage rates continue to hover below four percent, buyers might not be able to enjoy these low rates forever. "With all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages," says NAR chief economist Lawrence Yun.
Create a Dynamic Team
The fast pace of the most competitive housing markets means buyers have to be in a position to make an offer at a moment's notice. Before making an offer, buyers need to ensure they've lined up a real estate professional, a lender and a home inspector. They will also want to be pre-approved for a loan and ready to complete a mortgage application as soon as they find a property.
Be Prepared for Bidding Wars
Buyers should be strategic when maneuvering a bidding war. Some agents suggest that buyer clients include an escalation clause, while others suggest they examine the deal and identify areas where they could be more flexible,in terms of contingency clauses. Waiving the inspection or appraisal are examples of contingencies that can help to be more competitive on an offer However, all of these contingency clauses have various levels of risk that not all buyers are willing to accept, and they should be fairly warned and educated of the risk factors.
Denver Colorado Realtor - Shae Bordewick
As an experienced real estate agent and a certified negotiation expert, I help buyers and sellers achieve the best price and terms possible I work throughout the Denver Metro area, but I specialize where I call home, Littleton Colorado. Feel free to call me for a complimentary marketing consultation and let me show you how I can maximize your return on your real estate investment. Shae Bordewick 720-837-191 or email me at email@example.com
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....
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