The Denver Market is growing and homes are selling faster than ever - Well not just the city of Denver, everywhere in Colorado seems to be hotter than ever.
Many clients we work with are intimidated with the market this year - I personally have never seen a market that is so competitive.
So you might be toying with the idea of buying a home in the near future but you could think that, Why even try if homes are getting 10+ offers on homes that a few years back wouldn't even have 10 showings.
Here are just a few reasons why you should consider taking the plunge and buying a home.
- Denver is one of the fastest growing cities in the US.
- Appreciation have never been higher.
- Interest rates are lower than they were last year (depending on credit, terms and other personal factors).
- Of course being able to write off your interest on your taxes.
The biggest underlying question could still be - Will my offer get accepted??????
When our clients submit offers on homes the most common misconception is that Price is the only thing that the seller is looking for. This is not case - TERMS are by far one of the most competitive advantage you can have when submitting an offer on a property.
If a seller is to receive 2 offers at the same price and one of the offers is a cash offer and the other is financed - it is very aparent that the cash offer has the best "term" when comparing the 2 offers.
Well let's think about if you are not able to pay cash for you next home.
When submitting a Financed offer.
- Closing date is very important for example - if the seller needs to move into their new home asap - a faster closing date could be preferred.
- Possession date this has been recently most often the same date as the closing date. In our market the possession date can be after the closing date - This could be so the seller can have enough time to find a replacement home which could make your offer very appealing to the seller.
- Financing terms can also be used for your benefit - When I am looking an offers with a seller, the type of financing weighs very heavy in the decision process. If one offer has a lower down payment requirement that would not be as attractive to an offer that carries a lot of money for a down payment.
- Inspection items - We always ask our clients to get a home inspection because this is the way that you can find out if your next home is in good enough condition for your lifestyle. We have had some buyers of ours keep their inspection but waive the opportunity to ask the seller to fix certain items but you would still have the option to back out of the contract.
- Appraisal - Over the past couple of years, appraisals have been a pretty big issue with a lot of homes in fast paced markets where the "comps" have not caught up with the demand. So some clients have waived their objection to a short appraisal. Another option is to make up the difference of a short appraisal to a certain point.
Living in the Denver Market is a great place to live - we would be happy to have a lot more neighbors - Be sure to speak with you Realtor and ensure that you know the risks when modifying or waiving an type of objection or term.