Searching for your Dream Home
You have been searching online for months for YOUR dream home, and you think you’ve found it at last! It’s in the perfect neighborhood, the perfect school district, AND the perfect location for commuting, shopping, dining, and healthcare. Plus, it offers easy access to all your favorite Colorado recreation.
You call your REALTOR® right away, only to find out that the house hasn’t been on the market in months. And worse, inaccurate information on a home search site led you to believe you could afford homes in your “perfect” neighborhood, but you cannot.
Welcome to the Colorado housing market.
Colorado cities, like Colorado Springs and Denver, often top lists of the most competitive housing markets in the country. This year, the Denver Metro area was recognized as one of the hottest real estate markets in the United States (Forbes). And it’s one that homebuyers Caley and her boyfriend Erik from Golden got to know as they searched for their first home.
Like most buyers, they began their search online. They quickly realized how important it is to have access to accurate listing information.
Colorado’s Competitive Housing Market
With close to 100,000 people moving to the state annually, Colorado’s homes are in high demand. This demand has pushed inventory to record lows. REcolorado, the provider of REcolorado.com, reports that in February 2018 there were 4,668 new listings of homes for sale.
In the Colorado housing market, it’s not unusual for a listing agent to get 40 contracts on a property versus the typical 3 or 4 offers. Home buyers expect they must submit multiple offers to “win” a deal. As a result, “perfect” homes rarely stay on the market long.
Caley and Erik knew it was a competitive market and did everything they could to prepare themselves for the home-buying process, including securing the help of an experienced REALTOR who was a local real estate expert. In addition, the couple started searching for homes on REcolorado.com, which features the most accurate and up-to-date home listings in the state. This gave them the head start they needed to find the home of their dreams.
Searching for their First Home
When Caley and Erik began working with their REALTOR, he set them up with a personal portal on REcolorado. They made note of their specific needs and budget to create custom searches and receive property alerts when a home that matched their criteria came on the market. Within hours, the couple was getting alerts from their REcolorado portal with new listings that matched their wish list.
“With the insane, competitive sellers’ market, REcolorado really gave us an edge,” Caley says. “You have to be there FIRST. As an EMT in Swedish Hospital’s ER, I work twelve hour shifts. I can’t always drop everything to be first for a showing. REcolorado includes helpful information not found on other real estate search sites. For example, it includes all the financing options, HOA fees, and just a lot more details that helped us narrow down our home search process. You need to be able to react quickly if a home comes on the market! The more you know about a property up front and its costs, the more you can utilize your time effectively and know if the listing is worth taking time to see.”
Caley and Erik submitted around eight offers, which is common for home buyers in this market. There is good news! Caley and Erik are under contract after a multi-bid situation and are set to close April 18.
REcolorado Helps Home Buying Dreams Come True for this Colorado Couple
Again, Caley credits the resources available to her and Erik via their REALTOR and the REcolorado portal for their success. As first time homebuyers, working with a knowledgeable REALTOR helped them navigate the complicated Metro Denver housing market. Having real-time access to listings as they came on the market kept them ahead of the game.
When Caley and Erik’s new home went live on a Friday, they couldn’t tour it until early that evening. Caley says there was a stack of at least 20 business cards from interested buyers who’d been there before them. Final and best offers were submitted by noon that Sunday, and reviewed by the sellers Sunday evening. Caley and Erik’s REALTOR submitted the winning contract — and the listing broker notified them that the seller accepted their offer the same night. This fast-paced trend is forecast to continue, despite other predictions of a slower-paced market.
Research shows prospective home buyers spend an average of three weeks viewing listings on home search sites before they decide to jump into the market. With Colorado’s competitive market, make sure that site is REcolorado.com. With the most accurate listings, user-friendly tools, and connections to experienced REALTORS across the state, you can find the home that fits your lifestyle.