In a seller’s market like Denver, buyers need patience and persistence. It is possible for would-be homeowners to get what they want, but their chances increase dramatically if they avoid the mistakes highlighted below.

1. Not making your best offer
It’s natural to want to get the best deal possible when buying a home, but in a market where there’s more buyers than sellers, coming in with a lowball offer just won’t fly.

2.  Over analyzing the purchase price
Just as impulse buying a home can be risky, over-analyzing a home purchase in a seller’s market won’t do you any favors either. Once you’ve determined the type of home you want, the location you desire, and your price range, and finally find a home that meets your qualifications, don’t wait to make an offer.

3. Working with an inexperienced agent
In a seller’s market, you want all the help you can get. If you have a seasoned agent on your side, you’ll probably have a better chance of getting the home you want. Working with a real estate professional saves a ton of time and stress, as they know the ins and outs of the process and can provide tremendous insight regarding upcoming inventory.

4. Not being pre-approved for a mortgage
You might know that you’ll be approved for a mortgage loan, but the seller probably doesn’t. Preapproval from a reputable lender is key. This involves submitting a mortgage application, complete with providing verifying documents, and presenting this shows the seller that you’re already set the wheels in motion and are serious.

5. Not being prepared for a bidding war
In a seller’s market, bidding wars are almost guaranteed. Set your search below your max budget to leave room in case of an over-asking bidding war.

6. Not learning from your mistakes
There’s no shame in learning that your offer has been declined, but it’s easy to get frustrated if your offers are turned down repeatedly. Learn from your last transaction so you can move into your dream home.

If buying a home is one of your 2021 goals, start by reaching out to the pros at Metrowest – we’d love to help you start the process!