Buying in a seller’s market in Denver in 2021
It’s been a tough year for a lot of buyers in the Denver metro area in 2020 – 2021. We’ve had so many houses come on the market and for almost every house there seems to be more than one buyer.
Buyers are competing with other buyers from everywhere, buyers with cash, buyers willing to give up inspections, buyers willing to pay the gap if the house doesn’t appraise (appraisal gap). A lot of wild things that a conservative buyer would be nervous to do.
My top 5 tips for Buying in a Seller’s market in Denver.
1. Hire an experienced full-time agent who has time to pick up and go, the minute a fabulous house comes on the market. One who has a good track record the past few years working with buyers, who is not going to pawn you off with another agent who doesn’t know what you want. One who knows how to negotiate and who has good relationships with other agents in the city. An experienced agent will know how to write your offer so that a seller will want to accept yours over the others.
2. Make time to see the house you think you want to buy the day it comes on the market. Skip out of work at lunch to see it, or leave early, or go in late. Make the time do not wait for the weekend.
3. Do your homework. Drive the neighborhoods you think you want to live in on the weekends and in the evenings and during the day. Look at everything that is closing in the neighborhood so you have a good feel for pricing. Your agent will help you. You also need to know if everything is selling at the asking price or for over and by how much.
4. Focus on what you want and not what you don’t want. The universe listens and it brings you what you focus on.
5. Keep an open mind when it comes to finishes. Cosmetic details are easy enough to fix. Paint will bring you the biggest bang for your buck, so if the colors are terrible but the floorplan is good, buy it and paint it before you move in. If the countertops are not to your taste, switch them out. A little sweat equity goes a long way for a buyer in a seller’s market.
Remember if you find 80% of what you want, go for it!
Buying in a seller’s market isn’t always easy but it doesn’t have to be so hard. This is my 8-step process to finding a home with me.
Thinking of making a move?
I can help.