Our business works with a lot of first time home buyers in the Denver and Colorado Springs markets. As Denver has just been rated the hardest place for a first-time home buyer, I’ve started a list of items that I think help our clients.
7 Tips for Getting a House in a Hot Market (Like Denver!)
1. Take time to craft your offer letter.
2. Use snail mail to be more personal and more memorable.
If you know the owner still lives in the place, consider mailing your letter so that it stands out from email. A personal touch can go a long way in helping you distinguish yourself as a real person who represents the best possible option for the owner.
Related: How to Make an Offer on a Property Not Listed on the MLS
3. Offer cash—or close to it.
Make your offer as close to cash as possible. This is possible if you go further into the lending process than just getting pre-qualified, such as having your lender fully underwrite the loan in advance. (Not all lenders will do this, but if you ask around, you can find one who does.)
4. Look at areas near the hot spots.
Consider a market that’s still appealing, but less expensive and up and coming (I’m talking about you, Colorado Springs).
5. Consider a local lender.
Go with a local lender. Local lenders return phone calls, work off hours, and know contacts in the area. They can make the seller’s life (and their agent’s life) much easier.
6. Clear up your schedule and be ready to act.
Be as flexible as possible with your time. The sooner you can go, the better. You stand a better chance if you get there first.
Related: How I Landed a Solid 4-Plex in Denver, One of the Hottest Markets in the Country
7. Choose your agent wisely.
Get a serious agent. In times like this, it’s really important to work with someone who has closed multiple deals (at least 10), has contacts locally, and is motivated by the need to eat. Because the inventory is so low, you really need someone that has the time and attention to dedicate to your home search.
What are your tips and tricks for helping first time home buyers in a tight market?
Be sure to leave a comment, and let’s chat!