Limited inventory presents a challenge for Colorado home buyers. With the help of an experienced real estate agent, a home buyer can overcome this challenge and be prepared to act quickly in this fast-paced seller’s market.
In the first post of this series, Beat Low Inventory — Check Your Email, we shared how to use custom searches and property alerts to be the first to know when a new home comes on the market.
But knowing about a home for sale is only half the battle. You need to be prepared to act quickly in this fast-paced market.
Are You Ready to Buy a Home?
Hearing horror stories from other people searching for homes in Colorado, homebuyers can become discouraged. When things move quickly, you need to be prepared to act fast.
First talk with a REALTOR®. If you’re not already working with a real estate agent, connect with one on REcolorado.com. Your real estate agent is a homebuying expert. They can guide you through the process, set up property searches based on your needs, and offer local expertise and industry experience to help navigate the housing market.
More importantly, your REALTOR can help you have important conversations to prepare for buying a home. What home features are on your wish list? Which are you willing to compromise, and which are deal-breakers?
Having these tough conversations ahead of time can prepare you to make a decision quickly and confidently when making an offer on a home for sale.
Be Prepared to Make an Offer
When the perfect home comes on the market, be ready to act quickly.
Again, your real estate agent is the best source for guidance in this process. Use the mortgage calculators on REcolorado.com to determine your budget. These calculators help you answer questions like “how much can I afford?” or “how much will my mortgage payments be?”
Work with loan officers and mortgage lenders to be prequalified and preapproved for a home loan. Your REALTOR can connect you with these professionals and help you understand the best timing. Taking these steps in advance can help you make a stronger offer that stands out against other offers.
When sellers receive multiple offers for their home for sale, home buyers have to make a strategic offer. Your real estate agent, with industry insight and real estate experience, is incredibly valuable to help you write a strong offer.
Sellers across Colorado list new homes for sale every day, but they are moving under contract quickly. Homebuyers can overcome the threat of low inventory by being the first to know when a new home for sale hits the market and being prepared to act fast.
Originally posted February 2018, updated March 2021.