What it means to be a buyer in the Denver area

Denver's real estate market still remains very tight with low inventory and many buyers. This article in the Denver Post clearly depicts the realities that most buyers face in this market. Homes under $400,000 are under contract typically in a week, multiple offers start coming in within hours of the home hitting the market and most offers come along with a letter playing to the emotions of the seller. 

Knowing that this is the market that buyer's walk into they need to pull out all the stops. A buyer in the Denver market has to be flexible with their time and their wish list knowing they may not get the home they put in an offer for. They must react quickly or the home will be gone within days. Buyers also need to be realistic with price and financing. This is not a typical market where there is a lot of negotiating, highest and best is asked for up front. Buyers also must be aware of what a seller and listing agent are looking for. 

"Full-price cash offers still typically move to the front of the pack. Next in line are those who have pre-qualified for a mortgage and have the cash on hand to cover any shortfall between what they offer and the appraisal.

Listing agents say that they look closely at a buyer's source of financing — bank, mortgage lender or broker. Within that, they weigh the reputation of the lender, downgrading those known for stringing out the approval process or stranding buyers at the closing table."

The below graphic shows how severe the lack of inventory actually is.

Buyers in this market must ensure they work closely with their agent. Open communication between buyer and agent is required now more than ever. Both the buyer and the agent have to be creative on ways to get a home in this market. 

In addition to writing for Daigle's Digs, Elizabeth works full-time as a Real Estate Agent with  Keller Williams Realty Downtown, LLC. Elizabeth's expertise is in buying and selling a home, first time home buyers, short sales, and investment properties. Contact Elizabeth for any real estate needs. Cell 303-819.73.71. Work 720-314-8352