Montrose, Colorado is experiencing change! This change is something we haven’t seen in the area for quite some time. The change is this…… you are now in a seller’s market in the range of $300,000 and below. Sellers are experiencing multiple offers and with excellent terms.
Because of this there are many changes in the way the buyer needs to be prepared in order to compete with buying a home in that range. Below are some tips to being more prepared and ready in this new market when trying to obtain a home.
1. Be pre-qualified with local lender.
Because of the fact that when you find a home you want to be completely ready to write an offer the pre-qualification letter with credit approval is a must in obtaining prior to your search. Agents are submitting these letters as proof that you are a qualified buyer. If you are competing with cash offers you want to make sure you are well qualified and have a local lender in your corner. Why local? Well when the seller knows of the lender and their reputation in the community you have a better chance of them choosing your offer than one of an internet based or out of area lender.
2. Be ready when your realtor finds the home.
What is ready? Ready to view the home and ready to write the offer. If your realtor calls and tells you a home will not last long then you must find the way and the time to promptly view the home. You will want to make sure your offer is one of the first to be submitted.
3. Be prepared to offer full price or over full price.
When the market is hot you need to take the advice of your realtor. This includes whether a full price offer is needed. If you are in need of concessions be prepared to offer over the full price.
4. Limit your contingencies.
The offer is always more attractive to the seller if you have less
contingencies written in the offer. Think hard of how to make your offer
attractive to the seller. This is very important when you are dealing with a
multiple offer situation.
5. Make the offer personal.
You can make the offer personal to the seller by doing a couple of things.
One is to make sure the agent tells the seller who you are. Don’t keep your
name a secret. Next is to put a face with the offer by submitting a family
photo or a personal photo. Lastly write a letter to the seller and submit all
with your offer. If you write a personal letter explaining why you would like
the home and all the attributes of the home that are just perfect for you
and your family, then perhaps there may be a tug at the heart for the seller
and this personal touch may sway the seller to that of “whom” they want
the home to be sold to!
So Get Ready…… Get Set….. GO! Find the realtor who can help you reach
your goals and get the home of your dreams!