In Summit County, low inventory levels combined with low interest rates meet high adrenaline offerings like world class ski areas, trails and open space, a vibrant arts scene and 300 days of sunshine a year to create an understandable atmosphere of high demand for real estate. How can you set yourself apart from the crowd to stand out as a most desirable buyer?
Experts recommend sellers have their loan pre-approved and down payment ready before starting their search. We are happy to connect you with local lenders familiar with our market. Inventory is low and demand is high—a buyer needs to know exactly what their parameters are before beginning the search. Having multiple contracts is becoming the norm, so as a buyer, you should be ready to compete to seal the deal. Being reasonable without being difficult is important because until an offer is signed, sealed and delivered, other buyers can bid on the property. While you have to compete in the current market, maintain your budget. Experts warn against cutting corners like skipping the inspection or engaging in a bidding war. To help you become a homeowner in this competitive market, experts recommend the following tips for being the most attractive:
Know Your Credit In the time leading up to the purchase of a new home, check your credit for accuracy. If possible, avoid making big purchases and taking large amounts of debt. Lenders will see a red flag if your debt-to-income ratio is too high.
Multiple Offers, so be Ready to Compete
Homes and condos in Summit County and Breckenridge are selling at a 95% of asking price. Don’t expect to walk in a get a deal. Time is not on your side. Waiting days to make an offer on a home may mean that the home is no longer available. Be educated and have a Realtor help you with the process.
Know that Cash is King
Buyers’ with cash are appealing. If you are able to put 20% (or more if you have it) down, it demonstrates that you are financially stable. Sellers’ will be comforted to know that you’ll qualify for a mortgage.
Before your search, getting prequalified for a loan will help provide buyers with an idea of what you can afford. This will narrow your search to a specific price range. Also, when a contract to buy, with a pre-approval letter, is presented to the seller, it will make the offer much more enticing…You are good for the funds!
Limit Your Contingencies
It is suggested that you have as few contingencies as possible to be an attractive buyer. Besides the normal contingencies of a mortgage, appraisal, and inspection, piling on more will make a seller less inclined to work with your offer.
Be Flexible with Closing Dates
If you can match the close date that the seller would ideally like, try to meet it. Being flexible and working with the seller will make a transaction go much smoother.
Breckenridge Associates Real Estate has a proven track record of commitment to our clients. Our high percentage of return clients and referrals is a proud hallmark of our service. Each of our 17 Broker/Partners would be happy to help connect you with your next mountain home.
Source: Originally published March 21, 2013 FOXBusiness