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How to Buy in a Seller’s Market Explained by Your Westminster Real Estate Agent

August 23, 2017

With the increase in housing demand, Denver has been in a seller’s market for quite some time. However, that is not to say that it isn’t a good time to buy a home. If you are in a position where you are ready to move, you can still buy in a market that is in high demand—you just have to understand the market and be open to compromise. As you gear up to purchase a home, learn about the key ways to prepare, how to be smart when it comes to price and budget, and using the right Westminster real estate agent to help you find your dream home in the market.

Ways to Prepare

When buying in a seller’s market, you must be prepared. You will need to be ready to act quickly as you may be interested in a house that 20 other people have put an offer on. First, you need to have a pre-approval from a mortgage lender. By having everything lined up with a lender, you will be able to make an offer quickly, which may give you a leg up on other prospective buyers. This also includes having a down payment ready. Next, make a list on what you would like in an ideal home, then follow that up by noting where you are open for compromise. Use this when searching to keep you in line. While you need to act quickly on homes you are interested in, be patient to ensure you find the best home that you can spend the next five to 10+ years in.

Be Smart on Price

Being in a seller’s market, you will have to be open to compromise on price. Often times, interested buyers will get into bidding wars and the highest bidder will win. Work with your real estate agent on a pricing strategy, potentially looking for homes in a lower price range that you know may potentially get into a bidding war down the road. This will help you find a home that meets your needs that is not over budget. If your offer is accepted without a bidding war, you have just saved yourself money! Speaking of price, under the guidance of your realtor, you will want to make an offer that is attractive to the seller. With several offers coming in, yours will need to stand out. Last, be ready to move quickly on something you like—as things can change within a day or less.

Use the Right Real Estate Agent

Working with the right realtor for your home search will help you find the home of your dreams in a tough market. They will be able to help you get all of your financials ready so you can jump right into the search. It is extremely helpful to have someone guiding you through the process and giving you the best advice as to what you can do to make you stand out to the seller. As you choose a realtor, work with someone you trust with a great history.

For more tips, read Dave Ramsey’s five ways home buyers like you survived a seller’s market. To get started with a realtor you can trust to guide you to your perfect home, contact the Giving Back Group. Contact us today to get started.