Home Buying in Denver>Question Details

worgkp, Home Buyer in Aurora, CO

How soon should we start looking for a new home?

Asked by worgkp, Aurora, CO Fri Jul 11, 2014

We currently have our home on the market - it's been listed about a week. Though we have no offers yet, we would really like to start looking. Our sellers agent is only a sellers agent, so she has hooked us up with her partner who is a buyers agent. We have a list of about 15 homes that we'd like to look at, but the sellers agent is encouraging us to not look much until we get an offer on our house. We're prepared for a quick close on our home if that's what the buyer wants. How much should we be looking now?? Should we really be waiting?

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Your question is on the minds of many Denver Sellers currently. Many people are trying to 'time' the sale of their property plus find their new home. There is definitely a bit of the unknown involved!

If you know which neighborhoods you'd like to live in, it's best to have your Buyer's agent send you listings now. You'll have the opportunity to discover what is available currently in your price range and how quickly those homes typically sell. I think it's smart to be ready for a quick close and at the same time, I'd mention you might also be prepared for a delay (in case something unexpected comes up in the sales transaction for your current property).

Since our market is a bit 'light' on available homes for sale, I'd suggest having a discussion regarding available options with your financial professional. There are a variety of 'ideas' lenders may offer and it's wise to learn about the avenues you have available (so you can make an informed decision).

I realize it's a tough spot to be in, yet just know you are not alone. Wishing you all the best and I'm sure everything will work out just fine!
0 votes Thank Flag Link Thu Jul 17, 2014
You can always start looking! Just be prepared when a "good one" pops up and goes under contract before you can make as solid of an offer as you can on it. Solid meaning at least getting your current home under contract. I think it would still be a good idea for you guys to start shopping around to get a feel what's out there and help you narrow down what you're looking for when the time comes! Please reach out if I can help:) http://www.facebook.com/kevinjrealtor
0 votes Thank Flag Link Thu Jul 17, 2014
There are a few variables. What is the asking price of your home? The lower end homes (especially $350,000 and less) are going very quickly, but as you get in the higher price ranges, properties tend to be on the market longer. I always encourage my buyers in the current market in metro Denver to get a sense of the market by seeing and going through listings since you might have to make a quick decision once the time comes (because of the market). You want to be in a position where you have the most confidence in making a smart decision. You can always put an offer in contingent on the sale of your current home -- in this market it is tough to get sellers to agree to it, but the worst they can say is no.
0 votes Thank Flag Link Wed Jul 16, 2014
It depends on how long the homes in your neighborhood take to sell. What is the average Days on Market?

When you want to buy a home the best place to start is to hire an EXCLUSIVE Buyer Agent, not just a Buyer's Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Contact http://www.naeba.org for a referral in your area.

I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home and get a mortgage without getting ripped off. Follow the link below.

Best of luck!

Alysse Musgrave
0 votes Thank Flag Link Sat Jul 12, 2014
It depends on what the market is like in your area. I am a Realtor in Florida and the majority of our sellers will not accept a purchase offer on a home contingent upon the sell of another home. So it is not worth spending the time looking at homes until you have an offer on your home with all contingencies removed, such as loan approval, home inspection, etc. It is, however, a good idea to be receiving listings to review. Drive around the areas to see where you want to live. Keep an eye on the market and start narrowing down choices for when your home does get an accepted offer. Ask the buyers agent that you will be working with what the market is like in your area.
0 votes Thank Flag Link Sat Jul 12, 2014
Definitely begin looking. You won't know what you like and what you want until you've seen a number of homes. In my experience it takes time for a buyer to be sure of what they are looking for and what they can live without. At least go out a couple of times and see some different homes. I think it will help you a lot once you are ready to buy.
If a home isn't immediately available, when you're ready, you'd be better off putting furniture in storage and renting for awhile. Don't settle on a new home unless you really like it.
Good luck
0 votes Thank Flag Link Sat Jul 12, 2014
In this market, I'd start looking immediately.

Good luck!

0 votes Thank Flag Link Fri Jul 11, 2014
It's definitely a good time to be paying attention to the listings and educating yourself on the market. I would ask them for clarification, many times there are factors that make it make sense to hold off some, such as : local market conditions, your qualification requires the current home to be sold, etc. I'd imagine they are trying to help you, but didn't fully explain the reasons behind this. Good luck !
Web Reference: http://sellquickAZ.com
0 votes Thank Flag Link Fri Jul 11, 2014
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