Denver’s housing market is incredibly competitive. Homes are getting multiple offers and can be snatched up in a matter of hours. Becoming a homeowner in the Mile High City is doable, but there are some things you can do as a buyer to present the strongest offer possible to increase your chances of getting what you want. Check out the tips below and let the bidding begin!

1.     Get mortgage pre-approval
Pre-approval is an official approval from a lender for the amount you can borrow for a mortgage. In a seller’s market, not being pre-approved drastically decreases the chances of your offer being accepted, if it’s considered at all.

2.     Limit contingencies as much as possible
Contingencies are opportunities to address unforeseen issues. They can add time to the home negotiation process. They’re beneficial to buyers but can be a nuisance to sellers who are ready to move on fast.

3.     Make an offer that’s competitive
Your real estate agent will be able to help you determine what’s a strong offer on a home. One thing is for sure, in a seller’s market you’ll need to be prepared to pay at least full asking price.

4.     Increase your earnest money
Earnest money is usually 1-3% of the purchase price. Its purpose is to protect sellers from a buyer who makes too many offers on homes. From the buyer’s standpoint, it lets the seller know you are serious about their home.

Buying a new or first home in any market can seem challenging enough, let alone a market ripe with competition. But if you’re prepared for the process, it will be a much smoother experience. The first step is working with a pro who can help you along the way. Contact us today and let’s get started!