As you may have noticed the market has slowed down. It’s not as aggressive and homes are staying on the market a little longer than 5 hours! Seriously. This past spring/summer was a little crazy and very overwhelming to many potential buyers. For some it was downright discouraging. Right now can be an optimal time to purchase.
Good news is that with the market slowing down this puts those who are still searching for a home in a prime position. This also includes those who are still on the fence if they should purchase, for you I tell you the answer is “yes”. With the market slowing down this would be perfect time to start the pre-approval process. Even if it means you don’t end up purchasing until the beginning of next year or into the spring. This way you would have already done the leg work and are already pre-approved so you can be ready and armed once the season starts up again.
After quite a few years in the mortgage business, I have seen the cycle, which is during the spring the market starts to heat up, more homes are on the market, more people call looking to get pre-approved. Then summer comes and BOOM, a flood of calls come in, the pre-approvals turn into rushes (same day) and then multiple offers start happening on a property and some which include the overbidding. Then fall comes, calls start simmering down, fewer buyers are out in the market BUT are generally able to get under contract quicker. Then comes winter, this is usually a very “quiet” time, so to speak, the calls are more geared around refinances. Most of us choose not to purchase in the winter, due to not wanting to move in the cold weather and the inventory starts to slim down.
For this reason this can put you as a buyer in optimal position. Those homes still on the market will be quicker to accepting offers and there will be less competition. If you are new to Colorado, I can tell you as a native, winters are pretty mild. It’s is very rare we have blizzard like conditions. When it snows it is usually gone with in 48 hours. Don’t wait or hesitate, use this time to put you in prime position.
If you feel you are ready to purchase, what are you waiting for? Give us a call and we can look into getting you pre-approved!