This year’s record-low mortgage rates and urban exodus due to COVID-19 have sparked high demand among homebuyers in Summit County, Colorado. Current high country homeowners, however, haven’t put their houses on the market so quickly. This makes finding a home to buy today challenging for many potential buyers.
If this is a challenge you’re up against in your home search, you’re not alone. Feeling stuck in the process can be frustrating, but if there’s ever been a year to power through, this is the one. NAHB noted:
“Difficulties finding a home to buy will likely lead 20% of active buyers to give up until next year or later. That share is up from 15% a year earlier.”
Experts anticipate home prices will continue to rise into 2021, and the incredibly low interest rates this year are also forecasted to increase as the economy strengthens. Hopeful home buyers who decide to hold off on their search until there’s less competition run the risk of finding a more expensive housing market when they start looking again. If affordability is a key motivator behind your decision to buy a home, this winter is still the best time to make it happen.
So, what can you do to make yourself a more competitive buyer? First of all, make sure you have your finances in order. If you need to get a loan to purchase a property, make sure you get pre-approved and ideally with a local lender in Summit County. Local lenders know our market, they engage appraisal management companies who use appraisers familiar with our market. While cash is always king in a transaction, a Seller will consider working with a Buyer who makes a competitive offer and has been pre-approved by a well-respected lender. Secondly, let us help you determine how you can make your offer more appealing. Through conversations with the listing agent, with our knowledge of the market, and our local resources, we can help you become creative with your offer. We can advise you to consider waiving the appraisal contingency or inspection objection, include an escalation clause if appropriate, or find out what is most important to the seller and work that angle. Believe it or not, sometimes money isn’t always the driving factor and Nelson Walley Real Estate will help you to determine what can make your offer stand out among the others.
Bidding wars may be one of the greatest challenges buyers face in today’s housing market, but they shouldn’t be a deal-breaker. Having the right expert on your side throughout the buying process will give you the advantage you need when it comes to finding the right home and making a competitive offer. If you’re ready to buy this winter, let’s connect to discuss how to position you for success.