One thing is for sure about the housing market and that is that wherever you are, it will change. Homes for sale in Estes Park are no different. Sometimes the market is overflowing, and sometimes it seems like no one is selling. The key is to be prepared for whatever the state of the market is when you’re ready to buy.
1. Start Small
It’s good to start at the lower end of your budget even in your early, dreamy days of house hunting. Starting at the bottom leaves you plenty of room for a higher price if there turns out to be a bidding war. You don’t want to be in the position of finding what you think is your dream home that would barely fit into your budget and then find that someone outbids you and you have nowhere to go.
2. Show Your Best Self
When meeting with lenders, sellers, or real estate agents, make sure they see the best version of you. Office casual attire would be appropriate for applying for a loan or taking a tour of a home you might want to put an offer on. Sellers want to know that you are a responsible person wandering around in their home. Have your paperwork in order and ready to give to your lender. You don’t need to be rolling in hundred-dollar bills, but you need to present yourself as someone stable and financially responsible. This advice is always the way to go, but in a low-inventory market, it’s even more necessary. Few homes mean fewer choices. You don’t want to be nudged out for someone who presents just a little more capable of making payments on time.
3. Be Realistic About Your Budget
Save time and energy by knowing how much you have to work with and stick to it. A low-inventory market could be tough enough without trying to get an offer accepted for over your loan approval amount. Don’t waste your time or that of everyone else involved.
4. Make Sure You Can Afford to Buy
You can head off many of the problems inherent to a low inventory market by making sure you can afford to purchase a home at all right now. The percentage of buyers who can lay down the total asking price in cash is small. Most everyone else needs to be prepared with their down payment in hand and pre-approved for a loan to cover the balance.
5. Get Packing
Sellers in a low inventory market more than ever want to get it done as quickly as possible. Be ready for a quick escrow. That means the sooner the deal closes, the sooner you can move into your new home. You will need to have everything in order so as not to give the sellers a reason to move on to the next interested buyer. Escrow time for motivated sellers can range from a week to a month.
The daunting aspect of finding the right house and having your offer accepted in a low inventory market is not as impossible as it might seem. Have everything together and be ready to move quickly through the process. Your new home is almost ready for you.