The Colorado market today is largely defined by low inventory, which means a lot of competition with other buyers. Buyers should be aware that multiple-offer situations are common
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Loveland, CO (PRWEB) February 09, 2016
“The Colorado market today is largely defined by low inventory, which means a lot of competition with other buyers,” said RE/MAX Alliance broker associate Sarah Warnock, a fourth-generation Realtor in northern Colorado. “Because of this, buyers should be aware that multiple-offer situations are common.”
To help buyers in their home-buying endeavors, and to navigate the competitive Colorado market, Warnock shares the following five tips:
No. 1: Prequalification. “If you’re not paying cash, you must be prequalified before seriously looking at homes or writing any offers so you can compete against other buyers,” said Warnock. “Choosing a good and reputable lender is a critical part of the deal.”
No. 2: Paying over list price. Furthermore, Warnock stresses that buyers in the current market should be prepared to possibly pay over the list price for a home. In some cases, an acceleration clause can be submitted in a contract to help beat out other offers; however, buyers should stop thinking about how low they want to offer and start thinking about the highest possible price they are willing to pay for a particular home they like.
No. 3: Go easy on inspection items. Buyers don’t have much room to complain in this market with other buyers and backup offers hot on their heals. “Try and address only major and safety items in the inspection,” said Warnock. “The rest might be up to you to take care of.”
No. 4: Appraisals. With homes oftentimes going under contract for above listing price, appraisals can be an issue. A buyer might need to be prepared to make up the difference if an appraisal comes in low.
No. 5: Conventional loans. Warnock suggests buyers try their best to obtain a conventional loan, as sellers are more apt to accept conventional loans over FHA, VA, and other types of loans because guidelines are not as strict with a conventional loan, therefore leaving less room for issues to arise.
“It might all sound a bit overwhelming, but with the help of an experienced Realtor, buyers will be able to navigate the current market,” said Warnock, a Loveland, CO, native who in 2014 was voted Best Area Real Estate Agent by the 4th Street Chronicle, and in 2015 ranked as the top sales agent at RE/MAX Alliance for the month of July. “During my thirteen years in real estate I have weathered many different kinds of markets and truly believe that I can help you fulfill the dream of homeownership no matter what the current climate is.”
About Sarah Warnock, RE/MAX Alliance
Sarah Warnock is a REALTOR and has earned the Graduate, REALTOR® Institute (GRI) designation, the Certified Residential Military Specialist designation, and is an e-PRO®. Sarah has also earned the Honors Society and Leading Edge awards several times for high production levels. In 2013, Sarah earned the Executive Club Award from RE/MAX and in 2014 and 2015 the 100 Percent Club Award. For more information about Sarah, visit her website at http://www.homesincolorado.com/sarah-warnock, call (970) 412-3421, email her at swarnock(at)remax(dot)net, or follow her on Facebook. Her office is located at 750 W. Eisenhower Blvd., Loveland, CO.
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