Be A Competitive Buyer In A Selling Market

Be A Competitive Buyer In A Selling Market

…is it possible?!  Real estate in general is off the cuff right now. We find this especially true in the Winter Park and Fraser Valley as we’ve seen such limited inventory, numerous buyers and higher sales prices than we’ve seen in years.  It’s almost ski season, so how can you compete in order to have a place to call your own after a long day on the slopes?  Here’s a few ideas:

Be pre-approved with a mortgage lender.  We see a lot of buyers from Colorado’s front range and using a lender that you’re familiar with is a great way to go.  Or, if you’d rather, use a local  lender here in the valley that is highly knowledgeable on our real estate market.  Being pre-approved is preferred,  and different than being pre-qualified.  An approval letter from your lender shows that the lender has examined your credit and expenses and knows how much mortgage you can actually afford.  Have a letter in hand when you present an offer.

Along those lines, should you be financing a purchase, gather up as much of a down payment as possible.  Talk to your lender about creative ideas on how to do that and the benefits to doing so.

Consider the net price to the seller when making an offer.  There’s a variety of costs involved in a real estate transaction, like closing fees and transfer fees.  As a buyer, you can agree to pick up various costs that may typically befall on a seller.  Speak to your buyer’s agent about how to offer the highest net price to the seller.

Avoid an offer with contingencies to the purchase.  There’s not a lot of instances in our second home market where a buyer must sell to purchase thus making the sale contingent on another home sale, but try to eliminate that all together.  Chances are in this hot of a real estate market across Colorado, your home will sell too!  Again, there’s a handful of other ideas your agent may advise, but having a contract in front of a seller that they can sign right away is the goal.  Don’t make it more difficult!

My general advice to buyers is to have an offer presented in which the seller can sign right away – having a seller counter your offer is just buying them more time – perhaps even a better offer.  Good luck!


Amanda Solomon Headshot
Author:
Phone: 303-246-4843
Dated: October 2nd 2018
Views: 203
About Amanda: I hail from the mid-west, in Indiana, where I received a BA from Indiana University and moved to Col...

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