Our current real estate market is unlike anything we’ve seen in the past, especially here in Colorado. The pandemic has brought change for homeowners and potential buyers alike. Many current homeowners are looking for larger homes, where they can have a home office or something farther away from the city. Many first-time buyers had put their homeownership dreams on hold the past year and are now ready to dive into buying a home. Whatever your reason for wanting to buy a home in 2021, there are few things to keep in mind going into the process.
While home prices are hitting an all-time high, the inventory is extremely low. Many buyers are having to offer way above the asking price, and more often than not, cash buyers are coming out on top. Our hope is that this slows down in the coming months, and that inventory picks up providing plenty of great homes for our buyers to choose from.
Also due to the pandemic, we are using technology like never before. Both buyers and sellers are utilizing the internet, whether it’s to help a seller showcase a home or provide a 3D digital or video tour in place of an open house, or for a buyer to browse listings exclusively online. Because of this, many buyers are making offers, and sellers are accepting, sight unseen. While the internet home search engines and social media are a great tool, we can’t stress enough how important it is to see a home in person with an experienced realtor.
Searching online for homes.
If you’re thinking about buying a home this year, we can help! Here’s your step by step guide on how to buy a home:
Your first step is to meet with one of our agents to share ideas and get to know exactly what you’re looking for and what your expectations are. If you’re considering hiring us, we’d love to get to know you! And once you’re ready to say “go,” we’ll have a friendly yet strategic sit-down to talk about what exactly you’re looking for, why you’re moving or investing, what your budget is, what questions you have and what your ideal timing looks like.
Next, you want to get prequalified for your mortgage. You’ll need a mortgage partner whom you can trust, and we can point you to some great local options that can help you determine what types of loans and loan amounts you qualify for. You’ll provide detailed financial info, which they will review and provide you with a letter of pre-qualification, which helps you establish a budget and will ensure sellers take you seriously when considering offers.
Then comes the fun part – getting fresh listings and visiting the homes you love! In the Boulder, Longmont and Northern Colorado areas, you’ll want to know the minute something great comes on the market. We’ll set up personalized alerts to notify you of pre-screened matches. See something with promise? We’ll tour it together and our agents will be armed with all the details: whether or not appliances are included, when the roof was last replaced, what schools are nearby, and more.
Once you find the perfect house, it’s time to make an offer to the seller. Here’s where having an experienced agent really pays off, especially in today’s market. How an offer is written can determine whether or not you’re selected from a number of other offers. Additionally, a well-written offer will protect your best interests in the event your offer is accepted.
If your offer is accepted, you’ll take the necessary steps to secure the home. This includes signing contract documentation and terms, a home appraisal and inspection, and a final walk-through… and we will be with you every step of the way should you have any questions or concerns. After that, you’ll sign the closing documents, and the keys to your new home are handed over to you!
At Dwellings, we never forget that buying a home, whether you are a first-time homebuyer or a seasoned pro, is a time that tends to be filled with hope and possibility. We’re here to help every step of the way all while keeping an eye on what matters most: your heart and your home.