In Denver for the past couple of years, real estate has been fast and furious! Inventory is at the lowest and with the low interest rates, buyers are scouring every day looking for a home.
In today's environment, most likely (in EVERY price point) you will see multiple offers.
I have written as many as 18 offers for buyers before they got their home. I think the most I have received for a Seller was 15, just as difficult to PICK THE RIGHT ONE. It can be exhausting, and yet fun to see homes! My advice to buyers - do not get attached to the home until you hear - YOU GOT THE HOUSE! We don't know it, but there is a home out there that is MEANT TO BE.
Some things to think about before you get started viewing homes -
- Get pre-approved! Contact a LOCAL lender and know your numbers. The lender letter will be sent with the offer. These are good for 90 days, and I will keep a copy handy.
- Know your numbers - what are you willing to spend, know your mortgage payments with the current rates. What is your down payment, closing costs and now you may need an appraisal gap. If you had planned to put down 20% down, but don't have a lot more than that, you may want to think about 15% down and have some for an appraisal gap.
- Know what is absolutely important. I used to say write down your top 7 items you MUST HAVE in your new home. Now you may need to be a bit more flexible. Are there more than a few areas you would be open to living in? Again, with so few listings to view, maybe thinking outside the box may help.
- Are you flexible with possession? Many sellers are requesting up to a 60-day rent-back to allow them to locate a replacement home before moving out.
With having 25+ years in the business, THIS MARKET has been the toughest! Sellers are nervous about listing, and buyers have to compete. Have patience and know that DREAM HOME is out there, we just don't know when you will hear - YOU GOT THE HOUSE! Have to say, I jump for joy (and sometimes shed a tear) when I am able to share those beautiful three words!