To the dismay of buyers, Denver’s real estate market is still favoring sellers, but there’s light at the end of the tunnel. Although inventory is low and home prices continue to climb, there are things that buyers can do to bring their A-game, increasing the likelihood of your offer being accepted. Just make sure to avoid the mistakes below.

1. Not making your best offer
If a house is overpriced for the area, or if it’s a buyer’s market offering lower than asking price is a reasonable strategy. But in a seller’s market it is not the best tactic. It’s crucial for buyers to come in with a strong opening offer.

2. Over-analyzing the purchase price
Over-analyzing a home purchase in a seller’s market is just as bad Just as impulse-buying in a buyer’s market.  If you wait too long you could end up losing the house you love.  Once you’ve determined the type of home you want, the location you desire, and your price range, don’t wait to make an offer.

3. Not being pre-approved for a loan
The only way to prove to the seller that you’re a qualified buyer is to be preapproved from a lender. This is absolutely crucial. Prequalification just means you told your lender your financial story. Preapproval involves submitting a mortgage application, complete with providing verifying documents.

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

Buying a home in a seller’s market can be intimidating. But the road is less rocky when you understand how to navigate the waters of becoming a homeowner. Contact Metrowest today – we’d love to discuss your options!