The real estate market changes fast these days. Though the recession feels like yesterday, it is no longer a buyer’s market in Boulder Colo. In fact, the market is now so hot for sellers, consumers need to be prepared for a bidding war on the home they fall in love with. Looking for even more information on bidding wars? (update) I was quoted in a recent article by MortgageLoan.com on ten great ways to win a bidding war.
ABC News has a solid article – including actual buyers in Denver – on this topic. Check out the link. Before you view your next home, do you have a plan for winning the home bidding process? I know a lot of home buyers like to write letters to the seller. I think this is a great tactic in bidding wars. I like to take it up a notch. After all, in this technology fueled era, many sellers have smart phones and iPads. So I record a video like the one below featuring my clients. Modern strategies like this help ensure my clients win the home of their dreams in a house bidding war.
Mortgage Pre-Approval
Recently, a buyer asked on Reddit Real Estate – “why do I need to get pre- approved?” This is a great question and the answer, quite simply: to effectively compete in today’s market and win a bidding war on your dream house. When working with home buyers, I want to make our offer not merely attractive. I want the seller to feel she simply cannot afford to say no. One great step for improving the buyer’s ability to close: pre – approval of the mortgage. It takes a few weeks to become approved. Rather than do this during the time of the sale, have it taken care of before you even look at the first house.
Fewer And Shorter Contingencies
What about skipping the inspection? I would be cautious here. The inspection is built in to protect your best interests. After winning the bidding war, you still want to look out for your family. However, offering to take the house As-Is is a great negotiation tactic.
Another good option: contingencies that are removed very quickly. Rather than several weeks to appraise, order the appraisal the day you go under contract and have it completed inside of a week.
Compete scenarios are part of the current market conditions. The single best piece of advice I can share? Be prepared for this to occur. It is a different real estate market than just 18 months ago.
About the author: The above local Real Estate information on Bidding Wars Boulder Homes was provided by Bob Gordon, a local expert in his field. Bob can be reached via email at BobGordon303@gmail.com or by phone at 303-443-3334.
Bob has been helping people move in, out of and around Boulder since 1995.
Thinking of selling your home? I have a dedication to Real Estate and relish the opportunity to share my wealth of marketing expertise!
I service the Boulder Real Estate market including: Louisville, Longmont, Lafayette, Superior, Broomfield, Niwot, Gunbarrel, Lyons, Hygiene, Erie, Frederick, Firestone, Arvada and portions of Denver.