You may have noticed that the market for affordable Vail Valley homes is extremely competitive right now. The good news is that the reason affordable homes are in such high demand is because it is actually a really good time to buy a home. Interest rates are still at historic lows, the market is steady and strong but not overly hot and, while cash investors are definitely returning to the market, we’re not yet seeing the sort of large-scale buyouts that shut out first-time home buyers.
Good deals are still available, but they don't last long and usually come with some competition. Here are five steps you can take right away to give yourself the edge in today’s competitive market:
Make a Plan: There is more to the home-buying process than conducting online searches or flipping through the Vail Daily. Most homes available for $325,000 or less in the Eastern Vail Valley will be under contract in less a week. To get an offer together in a timely manner, you’ll need to be ready. Contact us today for a no-risk, no-cost consultation on how to be ready to place your offer quickly.
Get Pre-Approved by a Lender: This is the easiest and best way to show the seller your offer is serious and that you are in a position to buy the home. In a multiple-offer situation, buyers who are not pre-approved are usually the first ones rejected by sellers.
Work with a Good Agent: Look for an agent with a full time career in real estate, a record of success and many satisfied clients. Your agent should be proactively networking to find properties about to go on the market and useful information about homes already for sale. When the time comes for the seller to choose between offers, some last-minute negotiation by your agent could make the difference and win you the contract.
Build a Real-Time Search: One thing your agent should be able to do for you is create a real-time MLS property search that will alert both of you as soon as a suitable property hits the market. Once you are notified, your agent will probably already be attempting to reach you.
Do Not Lowball the Seller: Building “room to negotiate” into your offer might be an o.k. plan in some markets, but that market is not this market. You don’t want to spend outside your means, but you also don’t want to lose out just for being too clever. Your agent can help you prepare a strong, clean offer that is fair without going overboard.
Are you looking for an affordable Vail Valley home? Contact the Rocky Mountain Home Team today to get started!