If you feel completely enamored with a trendy downtown Denver loft, condo or home, it’s likely you aren’t the only one interested in placing an offer. According to a recent article by The Denver Post Business, Denver buyers complete with other bidders in the tough seller’s market. Experts say the supply of home is low. While a “healthy” or balanced real estate market has about a 6-month supply of inventory, Metro Denver only has about one month. According to the Denver Post, there is even fewer available homes under the $400,000 range. It’s an exciting time to sell a Denver home with many homes selling within a week of listing. If you are a buyer interested in downtown Denver homes, it’s critical you choose a Realtor with bidding war experienced and succe ss.
- Go into it prepared
As a buyer, know what you want and what you are willing to do without. If you are buying a home with a spouse or another person, get on the same page before even looking at houses. Set a price limit and create a list of your favorite Denver neighborhoods such as LoDo, HiLo, Capital Hill, Uptown or Washington Park. If there are not homes in your price range available in LoDo, are you willing to move to the next neighborhood on your list?
- Present your best offer
Make your first offer your best offer in Denver’s seller’s market, according to experts. In some cases, your offer will win out since many people start out with a low offer. In other cases, you’ll discover someone else is an even more motivated buyer. At the same time, qualified buyers make the strongest offers so just offering a high price isn’t any guarantee.
- Use conventional financing or cash
Cash offers typically win out since sellers often like less complication and being able to close quickly on a property. Most buyers favor cash first followed by conventional loans, which typically require a 5 percent down payment. To buy an investment property in downtown Denver, you’ll need to put down 20 percent.
If you want to relocate to Denver or already live in the spectacular city, talk to us at Downtown Denver Realty. We work with first-time buyers as well as move-up buyers interested in buying in the hot real estate market.[idx-platinum-widget id =”9594-35151″]