Individuals interested in home buying may be overwhelmed by the current market trends in northern Colorado. While no one wants to pay too much for real estate, the low inventory of available homes makes higher prices inevitable. The good news is that you can take steps to ensure you still get a reasonable price when you’re buying a home.
Start Shopping Early
The longer a home is on the market, the more likely you will encounter more significant competition when making an offer. The best thing you can do as you consider purchasing real estate is to start looking at homes early. You have a better chance of getting a lower offer accepted if you start the process close to when the house is listed on the market. Waiting too long can mean paying higher prices or potentially losing the home you want in a bidding war.
Seek Pre-Approval
Many prospective home buyers skip the essential step of seeking pre-approval for their mortgage. However, this is always the best way to approach the home buying process, even before the pandemic when house prices were more stable and lower. By getting pre-approved for a mortgage, you arm yourself with powerful tools to increase your chances of getting the house you want. You will know how much you can safely afford and can give home sellers the peace of mind that your offer is legitimate.
Make a Strong Offer
Now isn’t the time to make a weak offer on a house and hope the seller will either accept or counter it. While this tactic works well when there is low demand and high inventory, the low inventory and high-demand market in northern Colorado doesn’t allow for it. Instead, bid aggressively on a house you want as if there are numerous other prospective buyers placing offers at the same time. With low interest rates, bidding higher won’t necessarily break your budget.
If you need help with navigating the current real estate market trends in northern Colorado, contact us to start working with our experienced team today!
