Today, we are in a seller's market throughout the Denver area, mainly because there are too few homes being offered. This can make the buying process much longer because buyers new to the market usually do not want to move as quickly as is necessary to get the best new listings under contract. This is a good instinct when buyers are just starting because it takes a while to understand what one can get for one's money, but eventually the buyers who get the best homes have learned to move very quickly when those homes appear. Waiting for those really good homes to appear can take quite a while.
So, starting now in hopes of move in June is already too late for many buyers. Even if these buyers start now, they will need to be under contract in May in order to close in June and that is asking a lot of the current market.
Maybe early July.
"Yikes," I know! I've already spoken to a number of frustrated buyers. I've been there myself.
Your post was in April, however. The harsh reality: Anyone looking in May likely has missed the boat for a good part of June.
In the current market, flexibility will be key to quickly finding a suitable home. If you're only finding one or two homes from the listings the Realtor pulls up, you might have to bend. In a seller's market, mindset is critical. The choices are few.
The good news: Buyers looking at homes in the 200s are finding homes. They may take a run at several before becoming successful. Hang in there.
Meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Line up a Home Inspector. A good home inspector will scare the heck out of you: that's what you pay him for! But you'll concentrate on the fundamentals of the property: roof free of leaks, plumbing, heating and electrical up to code and in good working order. Again, when you make an offer and you have your Home Inspector ready to go, your offer will be considered with much more interest by a Seller because you truly have your "ducks in a row" and your preparation demonstrates your serious attitude about conducting the purchase transaction in a timely manner.
Find an experienced Local Realtor who works in your desired shopping area. A serious pro Realtor will refuse to show you homes until you are Prequalified for mortgage financing. Don't take offense! That Realtor doesn't want you to be disappointed and wants you to have a smooth experience as you shop for your new home.
Put together your Team of real estate professionals and shop 'til you drop!
*If you thought my answer was helpful, please give me a â€œThumbs Upâ€ or â€œBest Answer.â€ Thanks!
Good question. This is a good time to start the search process. That way the buyer will start to get a feel for the market and what to expect. The buyer should sit down with the Buyer's Agent and have a heart to heart about the process that is different than the past and more intense than I can ever remember.
It is definitely time to get 'pre-approved' and completely ready and prepared to start searching for homes. It is likely to be a fast process with lots of competition. Especially the the months of May and June. It is never too early to start. One of the most helpful services we provide is Listing Alerts. You can get a list and info on all homes available in your desired areas and price ranges and then a daily update when new listings come up or properties have a change of status.
Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
Exit One Realty
303-809-0100 - cell
Today, but I really want to say January. The Denver inventory of homes on the market is at a 23 year low. A Realtor with the right level of hustle and networking will help you get the job done in time, but really you don't have time to delay.
If I can be of help, let me know, I have a fantastic and fast lender as well.
Kasha Songer, CRS GRI
Top Producer 2010 and 2008
Preferred Properties, Inc. Opportunity knocks. Experience opens the door.
1041 S Gaylord St. in Washington Park
Denver, CO 80209
Best of luck
Chuck Strauss SRESÂ®, CDPEÂ®, SFRÂ®
Your Castle Real Estate
Start researching places online, get together with an agent so he or she can get the ball rolling, and get in touch with a lender or mortgage broker immediately if you haven't already. Realistically, financing is going to take the most time, so the quicker you get going on that the better. You will probably need to have your taxes done as well. :-( Of course if you're in a position to pay cash you won't have as many problems!
Let us know if we can be of assistance - email, call or text any time with your wish list and we can help you start looking.
Tony & Karen
720 226 4168
Letâ€™s assume that you are fully approved, have your financial house in order and are ready to get into your Realtorâ€™s car and start looking.
Inventory is incredibly low and there are many other buyers with whom you must compete in order to buy the one house that fits your needs. Buy the time that you find what you want and make an offer that is accepted â€“ after writing numerous offers that go unaccepted â€“ you may not have enough time to work through the ensuing escrow period in order to close and move in by June.
It is very challenging to be a home buyer these days.
A good lender can get your loan closed in 30 days, so that shouldn't be the problem.
The timing challenge you will find is in the lack of supply which is causing buyer's to have their heads spin. Make sure to talk to your agent about the market and what to expect.
Summit Mortgage Denver
Denver's 203K Lender