This time last year, home buyers were faced with a daunting market. There were bidding wars and over asking price figures were no longer the exception, but more commonly, the norm. Many would-be buyers became so jaded by the seemingly impenetrable market, they tabled their search entirely. The good news is that today, home inventory is slowly coming out if its hiding place, providing buyers more options now than at this time last year. With perseverance, determination, and savvy guidance from a professional realtor, buyers are experiencing a new vigor in their home search, and are increasingly ending their search with a purchase.
Realtor Up – The first step in your home-purchase journey should be to arm yourself with a professional realtor. In today’s market, a home search should be treated with as much intensity as a job search- and by aligning oneself with a professional whose job it is to perform the search full-time, you are already on top of the market, and ahead of the game.
Live Outside the Box – Draw a box around the area you desire to live. Now draw a circle around that. It is those ‘in-between’ sections (between the circle and the box) where you should begin your home search. In today’s market it is important to keep an open mind when searching for homes. You may find just what you are looking for, even if it might be located just outside of your original search criteria.
Be Overly Prepared – Today, most home seekers are aware that a mortgage pre-approval letter is vital to stay ahead of the curve when it comes to home purchasing, but what about taking it one step further? Show sellers you are serious about a home purchase with a “proof of funds” statement from your bank. This will show sellers that you can cover the down payment and allows you to act quickly when the right house does come on the market.
Know Your Market – LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. Not only will you be able to impress your friends with average days on market and price per square foot statistics, but you will truly be informed about how much you should, and are willing to pay, for a home. To access current market reports visit www.coloradomarketreports.com.
Be Attractive – Limit your contingencies, offer a quick closing, and be prepared to compromise. When it comes to closing a deal, there are a variety of options that will help paint you in a positive light to a seller. Being an attractive buyer to a seller just may be the tipping point that wins you the home. As always, consult with your real estate professional when contemplating limiting any contingencies, specifically in regards to finances.
Let these tips, and today’s less frenzied marketplace, reinvigorate your home search and you can be confident that the fruits of your labor – a new residence – are just around the corner. To service all of your real estate needs visit www.livsothebysrealty.com or call 303.893.3200.