Dear Friends & Neighbors,
Spring is here! The grass is green and the flowers are blooming. We all love this time of year, but it certainly can be daunting and overwhelming at this time to be a Buyer in this fast-paced Seller’s market. Assuming you are well prepared and have hired an agent who knows the area well, it shouldn’t be too stressful of a process and can actually be somewhat fun for you.
First and foremost, if you are planning to purchase a home with a loan, you need to be pre-approved and ready to go with a good lender. We always prefer a local lender who knows the customs and practices of Colorado real estate versus a big bank. It is always a plus for a listing agent to be able to contact your lender and actually have someone answer on the other end. More often than not, you will be making an offer on a house on a weekend, so you want to be sure that your lender will be available to answer any questions the listing agent may have. Many Buyers have lost out on a property because the listing agent couldn’t get a hold of the buyer’s lender or another competing offer came in with similar terms but with a better lender that the agent knew could get the deal done. Hence, choosing a good lender is critical in this competitive market.
Hiring an agent who knows the area well that you are planning to purchase in and has the experience and expertise is a must in this market. You need to hire someone who will be on top of new listings immediately and even know about some of them in advance of officially coming on the market. You will also need an agent who knows the proper pricing of a home. Will there be multiple offers? Will it go for over asking price? How quickly do we need to move on this house? These are all questions that a good agent should be able to help you navigate through. Your agent should also know and inform you of little tricks to help when competing against a cash offer or multiple offers. You will certainly lose out if you aren’t getting the proper advice from someone.
Is the Buyer “suck up letter” or “love letter” necessary? In many cases, it is not, but it many cases, it has sealed the deal for a Buyer, so I guess the answer to that question would be, why not! Many Sellers who have lived in a home for a long time and have built memories over the years with their children and families become emotionally vested in the home. They want to be assured that the house will go to a Buyer they feel good about, so writing a letter to tell them a little bit about yourself can’t hurt, and certainly will help if you happen to have the Seller that it does mean something to.
As we are all aware, interest rates are on the rise, so Buyers are out in full force to find something now. Hang in there, as we are seeing more inventory come on the market as Spring progresses. We would love to help you navigate this competitive, Seller’s market and find you the home of your dreams, so please give us a call if you have any questions. Put our expertise and experience to the test and see what we can find for you!