Welcome to one of the most dynamic real estate markets we have seen in a long time. Homes go on the market and we oftentimes see offers within hours. Buyers make offers on homes only to discover they are competing with several other buyers. For sellers, the question becomes how to maximize the value of their home. For buyers, the question becomes how to make the winning offer. This is one of those times when there may be some secrets or, at least, some insights that can help you answer these questions.
For sellers, if you are ready to list your home, you need a thorough market analysis from a Realtor® familiar with your area. You need information about the average days a home stays on the market in your neighborhood. You should ask for staging suggestions to best present your home. I recommend finding out how your home shows in comparison to the other homes on the market. We call those homes “competition”. Once you have these facts, you will be in a far better decision to decide on the price where you should list your home for sale. Using wisdom, you neither want to price your home where you are leaving money on the table, nor pricing so high that your home languishes on the market.
For buyers, when you are going to see homes, do some homework ahead of time. I recommend that you become familiar with your favorite neighborhoods. Remember, knowledge is key and the more you know about a market area, the better prepared you will be in making an offer. In some markets, we write offers before leaving the driveway of a home we have seen. This requires that we have information about the market dynamics, the high, average and low price per square foot in a given area. Very important, make sure you have a prequalification letter from your lender. This way, when you find your dream home, you are ready to put in a winning offer. It is also important not to get too frustrated. No one wants to get so emotionally involved that you overpay and have buyer’s remorse. Using the same wisdom as sellers, be willing to pay fair market value without getting caught in a frenzy.
At Alaris Properties, we stand ready to assist you. To put our expertise to work for you, call us today at 303-526-7400.
Jon P. Terry, JD, CMAS, Realtor®
Alaris Properties, LLC
Past Chair and Member of the Mountain Metro Association of Realtors®