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How To Buy A House In A Seller’s Market In Denver, our real estate market is very favorable for sellers. With the population growth we’ve experienced in the last few years combined with strong job and wage growth and declining inventory, seller’s have the upper hand in the market. With so many buyers competing for so few houses, here's a few strategies that will give you an advantage over your competition. More: Are We In A Bubble? 1. Shop Under Your Price Point Most of the houses in our market are going for list price or over list price. Start shopping houses that are priced about $20,000 below your maximum loan amount. If you’ve been pre-approved for a loan up to $300,000, you need look at houses in the $270,000-$280,000 price range. More than likely, especially around the $300,000 price point, you will be up against other offers on that property. You need to be able to offer over list price to have a shot at getting your offer accepted. It’s not uncommon for a house to sell for $10,000-$20,000 over asking price. If you’re only making offers on houses that are at your maximum price point, you can’t offer over list price, and you’re unlikely to have your offer accepted in a multiple offer situation. More: How Much Money Do I Need To Buy A House? 2. Look At Houses Now, Not Later You’re not the only one that loves the beautiful 4 bedroom 3 bath ranch with the finished basement and huge backyard that just got listed. If you wait until Saturday to go see it, it might already be under contract. In a hyper competitive market like Denver’s, its better to go see houses within 24-48 hours of being listed. Call your realtor and swing by to check it out on your way home. If you like it, ask your realtor to write an offer that night. If you write a good offer, it will be hard for a seller to forgo instant gratification and not accept it before other offers come in. 3. Adjust Your Timing To the degree that it’s possible, try to enter the market during seasonal lulls. Denver’s market is busy year round but there are still times when it’s less busy. The middle of the summer and around Christmas time tend to be much more favorable times for buyers. Many of the other potential home buyers are busy on vacation or spending time with family during these time and demand for homes slows down. Listings sit longer on the market and don’t receive as many showings or offers. Sellers are way more likely to accept an offer under asking price or compromise on other terms than any other time during the year. 4. Write Your Best Offer Especially in a multiple offer situation, its important to write a very strong offer for the seller. If you come in trying to "see what you can get away with," your offer probably won’t even be considered. Escalation clauses, unnecessary contingencies, low ball offers, and seller concessions are not recommended. For ways to write a strong offer, see the link below. More: 6 Ways To Get Your Offer Accepted 5. Be Prepared Because homes in our market tend to move so quickly, it’s essential that you come in ready to go. You should have done your research and you should also have the time and commitment necessary to undertake the home buying process. Before looking at any homes seriously, you should have a pre-approval letter from a lender, know what neighborhoods or areas you want to live in, and know what the “must haves” are in your next home. Being prepared will allow you to make decisions more quickly and keep you in the game in our fast moving market. More: Basics of Home Buying If you're looking to buy this year, I'd love to help you become a home owner. Please feel free to reach out to me with any questions! Email Me
106 Comments
2/20/2018 07:28:55 am
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I really appreciate your article, I thought that investing in real estate is more profitable as compared to investing in gold. And also there are less risk factors in real estate investment. So that’s why I personally prefer to invest in real estate. 7/22/2019 05:02:11 am
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You have good writing style, I am also excited regarding the future of real estate market, especially when, as you said that bots will be able to match buyers to the best real estate agents. Keep on sharing such posts. 9/13/2019 07:56:36 am
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You have good writing style, I am also excited regarding the future of real estate market, especially when, as you said that bots will be able to match buyers to the best real estate agents. Keep on sharing such posts. 9/16/2019 09:31:15 pm
Great info! I’ve been looking for other ways to invest and your post reply helped me a lot. The real estate is a very scary and unstable path to take for me I;m so glad that you’ve written this helpful article. Keep it up! 9/20/2019 12:05:04 am
Great comments on REITS vs owning individual properties. As a real estate investor, I can attest that owning rental properties is definitely not 100% passive. REITs are a good way to diversify into real estate without any headaches. 9/21/2019 01:28:19 am
We actually just updated our trust this year–we had created it years ago, but since then a lot has changed, including having another child, selling our house and buying another one, and the couple that we had designated as guardians getting a divorce–so it was definitely time. The relief of having it all up-to-date now is huge. Your first step into the world of property management can be a challenging one to navigate; however, if you make the right moves at the right time, you can have a lucrative future ahead. Multi-property buildings offer many benefits against a portfolio of individual properties; they also can prove to be more difficult in various circumstances. Therefore, it’s vital that you take into account the different aspects before you consider investing your money. 9/22/2019 07:41:23 pm
Hello Heather, Excellent points in this article. Great post for one considering buying a first rental property. Thanks for sharing the valuable information with us and I really loved your post. Enjoyed the read and noted some important points. 9/22/2019 08:28:59 pm
10/5/2019 07:16:18 am
Thanks Rhoda for hosting the party! It was sooooo much fun! I actually looked at everyone who participated and got lots of good ideas. Can’t wait to what you have up your sleeve for us next time. Thanks again. 10/10/2019 08:54:09 pm
Hello, wow! Fantastic guide again, this is the second post that I am reading at this blog. Loved it. I’m not a rental investor lover but got some ideas while reading your this post. Now, sharing your blog with my lovely twitter community. 10/10/2019 11:58:31 pm
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It might be useful to also look at the decline of tied homes in rural communities. Bert lives in one, as does Will - but most others in Ambridge are gone. Low agricultural wages plus lack of housing are cause serverev problems in rural communities 11/12/2019 10:46:53 pm
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It might be useful to also look at the decline of tied homes in rural communities. Bert lives in one, as does Will - but most others in Ambridge are gone. Low agricultural wages plus lack of housing are cause serverev problems in rural communities 11/29/2019 09:13:40 am
Hello, wow! Fantastic guide again, this is the second post that I am reading at this blog. Loved it. I’m not a rental investor lover but got some ideas while reading your this post. Now, sharing your blog with my lovely twitter community. 11/29/2019 10:13:49 am
Your first step into the world of property management can be a challenging one to navigate; however, if you make the right moves at the right time, you can have a lucrative future ahead. Multi-property buildings offer many benefits against a portfolio of individual properties; they also can prove to be more difficult in various circumstances. Therefore, it’s vital that you take into account the different aspects before you consider investing your money. 12/20/2019 09:00:04 am
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1/12/2020 10:56:02 pm
Thanks for sharing the informative post. This is very useful to buy a dream house! 1/23/2020 07:14:08 am
2/13/2020 01:14:49 am
3/13/2020 05:47:39 am
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3/23/2020 12:07:42 am
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If you haven't been hiding under a rock lately, then you would have heard that the housing market is in decline. This is not entirely true. If you own a house in the city of Sydney, Melbourne or Perth, then yes, it's all doom and gloom however, if you own property in Brisbane, you can count yourself lucky because the market is about to turn around. 4/7/2020 11:34:11 am
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6/30/2020 11:50:49 pm
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you said that an entrepreneur should value his freedom. We lose our focus amidst all the worries and the hunger to earn more money. The sole priority as to why we chose to be entrepreneurs is lost somewhere in the darkness. Thanks for reminding us through this blog post. 8/10/2020 12:54:06 am
11/21/2020 11:40:07 am
2/26/2021 09:29:42 pm
Hello, Focusing on the database has become such a necessity today especially in today’s data-driven technology and internet with millions and billions data storage capacity into various storage points. It’s good to see this article start with a data set point. 4/7/2021 05:01:51 am
4/10/2021 04:28:54 am
4/21/2021 09:57:58 pm
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The key is to know your investments, since no one particular one is worst than another. For most people, real estate is easier to understand because they see the asset and can better foresee risks. For others, stocks are a better way to go because information about it is actually more readily available. 10/14/2021 05:39:01 am
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Purchasing a property to use for rental income can have its advantages, but knowing all the in’s and out’s of such a large purchase will benefit you in the long game. You can follow Than Merrill on Twitter and get some great tips from an expert real estate investor, but first let’s take a look at some of the things that you should be thinking about before you make any commitments to buy. 11/18/2021 11:58:35 pm
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After the improvements, it is also good to get a professional photographer to take photos of your home that will highlight the areas of your home and help to attract potential buyers. Awesome blog by the way and thanks for sharing. 12/20/2021 11:28:15 am
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You can follow Than Merrill on Twitter and get some great tips from an expert real estate investor, but first let’s take a look at some of the things that you should be thinking about before you make any commitments to buy. 4/22/2022 08:12:50 am
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Hello Heather, Excellent points in this article. Great post for one considering buying a first rental property. Thanks for sharing the valuable information with us and I really loved your post. Enjoyed the read and noted some important points. 6/1/2022 08:39:11 am
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You can follow Than Merrill on Twitter and get some great tips from an expert real estate investor, but first let’s take a look at some of the things that you should be thinking about before you make any commitments to buy. 6/1/2022 08:41:40 am
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Hello, wow! Fantastic guide again, this is the second post that I am reading at this blog. Loved it. I’m not a rental investor lover but got some ideas while reading your this post. Now, sharing your blog with my lovely twitter community. 6/8/2022 04:48:27 am
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They define your floor plan, divvying up the footprint of your space into multiple rooms. Walls support artwork, bookshelves coat hooks, mirrors, and lighting. And on top of all that heavy lifting, they play a key role in punctuating the design of your space. 7/24/2022 03:21:42 am
Financial advisors are a great option, though one should probably accumulate a bit of assets before finding one to make it worth while. At the beginning, focusing on living below your means is still much more effective then trying to increase your investment gains. 7/24/2022 03:29:24 am
Hello, wow! Fantastic guide again, this is the second post that I am reading at this blog. Loved it. I’m not a rental investor lover but got some ideas while reading your this post. Now, sharing your blog with my lovely twitter community. 8/12/2022 07:52:56 am
After the improvements, it is also good to get a professional photographer to take photos of your home that will highlight the areas of your home and help to attract potential buyers. 8/12/2022 07:53:05 am
It might be useful to also look at the decline of tied homes in rural communities. Bert lives in one, as does Will - but most others in Ambridge are gone. Low agricultural wages plus lack of housing are cause serverev problems in rural communities
It is one thing to have a vision and set a goal, the follow through is key. Our agents know the importance of the follow through and how to execute. We setup a plan, and work our processes to ensure that we execute our goals and yours, leaving all parties happy with the final result. 8/18/2022 06:44:43 am
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Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with extra information? It is extremely helpful for me. 10/5/2022 04:07:24 am
Thank you for you tips on buying a home. I like how you said to get pre-approved to a mortgage before you start your house search. My husband and I are thinking about buying a home sometime soon. 10/8/2022 06:40:39 am
Hello, You take such amazingly beautiful pictures. I hope that one day I can make it to the West Coast and also tour Victoria, BC. It would be a wonderful trip and memorable adventure to me as I am originally from the states and have life in Ontario for just 13 yrs now. My husband is Canadian 10/8/2022 06:52:12 am
Great info! I’ve been looking for other ways to invest and your post reply helped me a lot. The real estate is a very scary and unstable path to take for me I;m so glad that you’ve written this helpful article. Keep it up 10/21/2022 07:22:51 am
I’ve been looking for other ways to invest and your post reply helped me a lot. The real estate is a very scary and unstable path to take for me I'm so glad that you’ve written this helpful article. Keep it up. 11/9/2022 12:50:50 pm
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Focusing on the database has become such a necessity today especially in today’s data-driven technology and internet with millions and billions data storage capacity into various storage points. It’s good to see this article start with a data set point. Leave a Reply. |
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