However, the dearth in housing can partly be attributed to sellers waiting to put their homes on the market in spring, which is widely considered the best time of year to sell a house.
Denver, CO (PRWEB) April 28, 2016
According to a March 2, 2016, Denver Metro Association of Realtors article, Denver-area housing inventory reached a record low in February. The article further reported that Denver closed out February with just 3,963 active listings, a six percent decrease in inventory over the previous month.
“These record-low numbers have created fierce competition between active homebuyers,” said RE/MAX Realtor Nickolas Terry. “However, the dearth in housing can partly be attributed to sellers waiting to put their homes on the market in spring, which is widely considered the best time of year to sell a house.”
For homebuyers entering the highly competitive Denver real estate market this spring, Terry lists three ways to better ensure a successful search:
No. 1: Obtain pre-qualification. “By getting pre-qualified for a home loan, especially in this fierce market, you will already have a leg up on the competition that is not pre-qualified,” said Terry. “Sellers usually get very excited about buyers who are pre-qualified.”
No. 2: Find a reputable Realtor. It is imperative that buyers find a local, knowledgeable Realtor with a proven track record when faced with a housing market that is synonymous with low inventory. Reputable Realtors are well-connected, possess insider knowledge and will oftentimes have listings that are not on the MLS, aka “pocket” listings.
No. 3: Do not ignore overpriced houses. “Even if a house is overpriced, it should still be taken into consideration, especially in a tight market like the one in Denver,” said Terry. “If a house has languished on the market because it’s overpriced, it is usually due to buyers being put off by the price and completely ignoring it. However, you can use this to your advantage to negotiate a lower asking price, particularly if the house has remained on the market for a long time, as the owner will likely be eager to sell.”
About Nickolas Terry, RE/MAX Leaders
The RE/MAX story began in Denver in 1973 with a single office. Now it is a global real estate network of franchisee owned and operated offices with more than 100,000 sales associates. Nickolas Terry’s office is located at 6855 S. Havana Street, Suite 150, Centennial, CO 80112. For more information, please call (303) 667-4800, visit his website at http://www.NickolasTerry.com, or follow him on Facebook.
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