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6 Buyer Tips for Hot Housing Markets
Net Admin • October 23, 2017
Denver’s hot housing market has let up a little bit but not much. In a hot housing market, this means that buyers are typically submitting multiple offers or potentially will enter a bidding war. If you or someone you know are in the market to buy a home in Denver, here are six ways to give your offer the best chance for seller acceptance, especially when the competition is stiff:
1. Get pre-approved for your loan and have a strong cover letter prepared for your seller.
2. When making offers, try to be the first and don’t lowball. Being first to the negotiating table plants you firmly in the seller’s mind. When listing in a hot housing market–lowball offers are a losing strategy.
3. Opt for an escalation clause that tells the seller you’ll beat any offer exceeding your bid by $1,000, up to a maximum of your choosing.
4. Perform inspections upfront. It may cost a few hundred dollars, but it shows you’re serious–and when you make an offer without contingencies, sellers pay attention.
5. Tell them you love it and ask your agent to deliver a letter listing the reasons why this house is perfect for your family (include pictures and be specific).
6. Don’t overpay. Instead, research the market by reviewing comparable property sales prices, schools, and online reviews for local businesses. Chatting with neighbors can also provide a wealth of information.
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