Sorry for the crappy audio. I was filming with my phone and the little camera that is for selfies.. Doesn’t translate into great audio, apparently. This video is just to provide a little comfort and a pep talk for the Colorado first time home buyer. If you’re a first time home buyer, life sucks right now. The market in 2017 is just as hot as last year, and you’re likely competing with multiple offers. So, here are a few little hints and advice .
Tips for the Colorado first time home buyer blues
Tip 1: Get PRE APPROVED.
Not pre-qualified, pre-approved. Go through the entire process with your lender so you are READY to go when it’s time to put an offer in. Pre qualifications can be done in like 20 minutes, but a pre-approval from a lender is a more in depth and intensive process. This way you know exactly what your price cap is, and you can make sure to give the lender’s pre approval with any offer you may submit on a property.
Tip 2: Try to be as flexible as possible.
I know, I know, this one is tough. It’s hard to drop everything and go see a house when it pops up on the market. We have jobs, schedules, soccer practice, etc. But, to the best of your ability you have to try to be flexible. If you can go see something on your lunch break, do it. It might make the difference between even being able to have a showing, because in my experience waiting even a day and then trying to schedule a showing can be a bummer when you find out it’s already under contract.
Tip 3: Expect to offer over the list price.
If you’re competing for a starter home (I would say anything under the 450k range, really) You should expect to have to offer over the list price for your offer to have potential. Because Colorado is so popular, and cheaper homes are hard to find, you can bet you’ll be competing with other offers. Another option in this vein is to include an escalation clause in your offer. I will do a video on the concept of escalation clauses in another video. No lowballing with the way the market is right now!
Tip 4: Be ready to have your heart broken!
This is kind of a downer, but you have to be realistic and know that your dream home is probably 20 other people’s dream home as well. There’s always the possibility that your offer won’t be the one selected. So, in this market you have to get somewhat of a thick skin and realize that you might not get that first house you love… or the second.. or third. You should make damn sure though that your real estate agent is doing their absolute best to make your offer be THE ONE!
So, I hope these tips help and I wish you the best of luck in your house hunt. It’s a difficult time to be a Colorado first time home buyer, but keep fighting the good fight! If you’re in need of an agent, you can contact me via my website.
Caleb Block | Cherry Creek Properties, LLC