County Monthly Market Snapshots
Buyers, Here's How You Can Prepare for a Bidding War
As of August, 55% of home sales ended in bidding wars, and 66% of homes sold took less than a month to sell. With the low inventory and high competition we’re seeing across the Front Range, it’s important to prepare for a potential bidding war.
- A great first step is to get a mortgage pre-approval. This will help you stand out with sellers, showing that you’ve had a loan officer review your finances and determine your ability to get a home loan.
- It’s also important to know what you can afford, and be able to cover monthly expenses like utilities and unexpected repairs, beyond your monthly mortgage payments.
- Last but not least, make sure to make your best offer. I can help you determine what factors will make your offer more competitive and enticing for sellers, such as minimal contingencies, flexible move-in dates, and of course a competitive offer price.
Sources: Realtor.com, Bank of America, NAR, NASDAQ