As we near the end of 2020, it's a great time to formulate a strategy to buy or sell a home in 2021. Oftentimes, buying or selling happens very quickly without much time to prepare. That is okay and certainly very doable, but if you have time upfront to map out your goals, it can help alleviate some unnecessary stress.
It’s no secret the Denver market is very competitive. Low inventory and high demand can mean that buyers write multiple offers before they get one that’s accepted. You want to do everything you can upfront to be the strongest buyer possible. As a seller, you’ll want to plan strategically so that it benefits you both financially and logistically to meet your timeline and goals.
Here is a little food for thought for both buyers and sellers from Broker Associate Kristina Casinelli when it comes time to make a move in the Denver real estate market:
It is essential you are pre-approved for a loan before you submit an offer. Without it, your offer may not even be considered. Getting pre-approved early greatly benefits you as well. Your lender can help you decide the monthly mortgage payment you are comfortable with, and can also help you plan for your down payment. The pre-approval process can take 24 to 48 hours to complete, which is quick if you are ready, but long enough to lose a bidding war if you wait too long.
Meet with your Realtor
Once you know the price range of homes you’ll be able to afford, meeting with a realtor from Usaj Realty over coffee or Zoom is a great way to make a plan and strategize. The Denver market can be challenging for buyers, so it always helps to talk through scenarios with your agent. Based on your goals, your realtor can share insight on how best to navigate the market.
Search for Homes
Planning ahead also gives you ample time to narrow down the must-haves in your purchase. With historically low inventory, it may take longer to find the home you love. Make sure you identify the features that are important to you and those that are nice-to-have but not deal-breakers. Also, you may want to expand the parameters of acceptable neighborhoods.
Keep in mind, you may have to write more than one offer which can delay your target move-in date.
Sometimes sellers will ask for a rent-back period which could also push your move-in date back by a month or two. Sellers typically need time to find their replacement home and appreciate buyers with flexible timelines. It is usually beneficial to get under contract early, rather than scrambling to find a short term place to live while you continue your search.
Meet with your Realtor
If you are thinking about selling your home in the spring, it's a great time to meet with your Usaj Realty broker now. Your agent will pull and analyze important data for your neighborhood and you can decide on the best pricing and timing strategy to sell your home for top dollar. This will give you insight on how many days it typically takes for homes to sell so that you can make and expect a reasonable timeline. You’ll also want to plan around holidays or important life events that you may have on the calendar already.
Make a To-Do List
This is also a smart time to make to-do lists around the house. We recommend making your home as neutral as possible so that the maximum amount of buyers can picture themselves in your home. This includes decluttering, organizing storage areas and making any cosmetic updates or repairs that are appropriate and necessary. All of this takes time to execute and you don’t want to feel overwhelmed doing it all right before your target list date. Your realtor will also want to schedule listing photos on a nice day. As we get into cooler temperatures, it's beneficial to have photos scheduled on a sunny day without snow covering up your beautiful landscaping and exterior features.
Find a Replacement Home
Once you sell your home, you will likely need time to find your replacement home. Sometimes this can be negotiated into the purchase contract upfront. Your realtor will give you ideas on how to maximize the best terms for your timeline. There are many important terms in the contract aside from the purchase price that you will want to consider. Sometimes the highest offer isn't always the best offer, and it’s important to understand the key elements and contingencies in the offer that will best aid you in the transition out of your home.
Usaj Realty broker Kristina Casinelli is passionate about helping people with all their real estate needs. As a former educator, Kristina Casinelli is dependable and service-oriented. Kristina listens carefully to all needs and concerns of her clients and works diligently to uncover solutions. She demonstrates exceptional attention to detail, organization and communication skills. She strives to make every experience as seamless as possible, keeping her clients educated and informed throughout every step of the process. Contact her today at 775-230-5642.
Posted by Kristina Casinelli