In Colorado’s competitive real estate market, timing is critical. To beat the skewed seller’s market, Colorado home buyers need to overcome the challenges of low inventory and few homes for sale.
Low inventory of homes for sale is common theme in the Greater Metro Denver Area Market Watch reports. There are more people wanting to buy homes than homes available to purchase, especially when it comes to affordable housing.
So how do Colorado homebuyers beat a low inventory? With the help of an experienced REALTOR® and the tools available form REcolorado.
What Does “Low Inventory” Mean for Home Buyers?
Limited inventory means there are fewer active listings on the market. 2018 began with only 5 weeks of inventory, meaning that if no new homes for sale came on the market, the Denver Area would run out of homes for sale in just over a month. When there are more home buyers than homes for sale, this leads to more competitive bidding.
This is even truer in lower price ranges. In 2018, homes under $400k spent an average of only 23 days on the market, below the housing market average of 36 days. When affordable housing is hard to come by, buyers looking for a home in lower price ranges can expect bidding wars.
Home buyers need to be ready to act fast when they want to purchase a home. That means two things:
- Be the First to Know when a Home Comes on the Market
- Be Prepared to Make an Offer
Never Miss a Listing with Property Alerts from REcolorado
Colorado home buyers can be notified every time a home that meets their criteria comes on the market.
First, determine your criteria. Start with a wish list for your dream home. Consider things like the number of bedrooms and bathrooms, square footage, and price range – but don’t stop there. Consider which areas you want to live in based on neighborhood information, commute time, or school districts. Don’t forget the home features that match your lifestyle, like outdoor space, windows, mountain or city views.
Next, set up custom searches with REcolorado. Sign up for a REcolorado Account to save your searches and set up property alerts. If you’re working with a REALTOR®, ask them to set up these searches for you in the Client Portal. If you’re not working with one yet, connect with a local real estate agent.
With saved searches, you can easily return to this search when you visit REcolorado.com without having to enter your criteria again. You can also set up email notification – this way you’ll receive an email each time a new home for sale (that meets your search criteria) hits the market.
Finally, check your email! So long as you check your email regularly, you can be the first to know when there’s a new home for sale to consider. If it matches your criteria, be ready to make a move.
Continue reading the next blog in the series: Beat Low Inventory — Be Ready to Act Fast.