In 2021, a perfect storm of conditions has developed to create the most formidable sellers’ market in recent memory. If you’re looking for homes for sale in Estes Park, it’s crucial to know how to navigate these challenging circumstances. Buyers may be at a disadvantage in today’s market, but the following tips can help give you a leg up on the competition:
- Be Calculated in Your Search – Sure, looking at homes that are beyond your budget or otherwise unsuitable can be exciting. In today’s competitive sellers’ market, though, buyers don’t have the luxury of taking a laid-back approach. Instead, outline specific parameters that your ideal home will have. Eliminate options that don’t meet your most basic criteria to avoid wasting time and effort during what’s sure to be a difficult search.
- Be Ready to Strike – Under more balanced market conditions, buyers often have time to mull over various options before making an offer. That’s largely out the window now, however, so you should be ready to strike when you find a house that checks your most crucial boxes. Have a clear idea of your top must-haves and absolute dealbreakers, and remember to stay flexible and keep an open mind.
- Be Well-Funded From the Start – If you’re relying on cash from parents, friends, or others to make your home purchase happen, don’t wait until you’ve found a suitable option. Thanks to the extreme competition in most markets, you won’t have time to collect the cash, deposit it and wait for it to clear before making an offer. Before looking at a single property, get the money you need and deposit it into your savings account so it’s ready to go when you are.
- Be Pre-Approved Early – Another crucial step to take before looking for homes to buy in earnest is obtaining a full pre-approval from a qualified lender. Ask for a pre-approval with underwriting to avoid any hiccups along the way. Sometimes, lenders “pre-qualify” buyers, but that’s not the same thing and therefore doesn’t hold as much weight. When buyers see that you’re on top of acquiring the loan you’ll need, they’ll be more likely to work with you. On the other hand, if you only have a pre-qualification or no approval at all, you’re sure to be passed over for other buyers.
- Be Ready for a Bidding War – Once a rarity, bidding wars are common occurrences in today’s electrified sellers’ market. Keep in mind that if you’re considering a property, at least a few other buyers are too. Avoid sticker shock by looking at homes slightly below your budget; that way, you’ll have room to play with financially. Consider making an offer above the asking price for a home that you desperately want to ward off bidding wars altogether.
Buying a house is a huge undertaking, even under calm conditions. In today’s hectic sellers’ market, however, it’s more overwhelming and stressful than ever. Keep the tips above in mind to make the process as easy for you as possible.
