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We have a competitive market here in Denver, and we're in a very hot seller's market. We're seeing homes go for well over their asking price and multiple offers are extremely common right now. In light of this situation, I'm going to present you with five different ways in which you can improve your chances to win in multiple offer situations.
- Financial Package: This may be the largest purchase in your whole life, so you want a well-qualified and reputable lender. You will need a pre-approval letter, and you need to be able to show the correct documentation to prove that you are able to afford the property.
- Personal Touch: Write a 'love letter' to the seller letting them know that you're not an investor. Let them know your plans with the home and how you're going to improve it. Sellers are much more likely to choose you if they can trust you, and we've seen homes sell because of this.
- Don't Low-ball: This market doesn't cater to low-ballers. Sellers will not respond to offers that are too low, because the market is just too competitive right now. If the house is overpriced, we can send comparable listings to prove that our offer is a decent one.
- Move Fast and Push Your Limits: This relates back to #1, because when you're out there searching for homes, you're probably going to find something that will push your budget into a squeeze. However, the market is hot and you may need to be ready to push your limits if you really want the property. I'm not telling you to overspend, but be prepared to spend more than you had previously thought.
- Learn New Tricks: In a competitive market like this one, you need to use all the tricks you can to stay ahead. We have a few different strategies that may help you, and we would love to share them with you if you're looking to buy a home in Denver this year.
Hopefully these tips will help you to stay above water in the Denver real estate market. Please don't hesitate to contact me if you need help buying or selling!
