If you have been under a rock then you may have missed that the Denver Real Estate market is bonkers. There are bidding wars, escalation clauses, rent backs, quick closings, and straight cash all over the place. It is like going to a carnival , you know the one with the carnies where you feel like you will never win the stuffed animal, because the game is rigged?
Well if you are buying a house in Denver, this is what you are up against. Make no bones about it. You may feel stressed, exhausted, frustrated, and overall at a loss. But just when you feel there is no hope, you get the call “We got the house!”. That is one of the most amazing feelings you will have.
How did you get here? What did that look like? How long? How many showings? How many offers? Sleepless nights? How many times were you told “Missed it by that much!”
Well, I have been around the block. After 14 years, I have seen most everything, and this current real estate market in Denver is one we will talk about in the years to come. I jokingly tell my clients I don’t charge for the counseling sessions. But in all reality, the piece to remember is your Real Estate agent can make or break your chances of getting your offer accepted. And yes, you saw my previous post about the lender as well. So hand in hand.
So what do I mean by all of this? Not to buy a house? Are you joking me? Read my previous post on “Renting versus Buying”
What I mean is this. Your Real Estate agent needs to be a good listener, they need to understand what is important to you in your next home. They need to be real. I mean, if they tell you this is going to be easy and they’ll get you a house today, you need to check your hearing. They need to be competitive, and not like losing to others. They need to be a great communicator, to be able to express to the selling agent why your offer meets the seller’s needs. They need to be perceptive, and understand the potential underlying motivations they pick up on for the seller. They need to be responsive and creative if you are having a tough time getting under contract. Finding ways to get you ahead of others, with slight twists in your offer. Use their sphere of influence, talk to neighbors, maybe even knock on some doors where homes are not on the market. They need to be good listeners, oh did I say that already?, because they need to make sure the houses you see fit your needs. They need to be a hustler, because it is a grind, so if they are unavailable to you (and I don’t mean 24/7 folks) then how will you get word about a new listing that is perfect for your family. But they should work Real Estate full-time, really, no seriously. Sometimes in this market it is who you know, not what you know, so keep that in mind. They need to be your advocate, from front to back. And they need to be able to write a good thorough contract, and explain it to you (even if you have bought homes before).
They also really should talk to your lender about the important dates and deadlines. I mean if you are getting a mortgage, the lender is kind of a big deal here. Why? No money, no home. They also need to vet your lender to make sure you don’t have any hang-ups to hold you back from closing. You may be shocked to find out how FEW selling agents actually call to verify pre-approval letters for lenders representing buyers on their listings. How upset will you be when house #1 is under contract, you go under on house #2, to find out because buyer #1 didn’t have a good lender and the the deal fell apart. And you could have been a better offer because you and your lender were thorough from the start. And lastly, they need to be honest and forthright. It is not ok to write a contract and cancel just because. But of course you do need to do your diligence once under contract. But you would be surprised at what I hear people are doing right now, because the market is so chaotic.
But what they are not is a website folks. Stay off the big box marketing websites for searching for homes. it can be a helpful aid, for sure. But what if you find the perfect home, send it to your agent, to have them tell you that went under contract 30 days ago? How will that feel?
This is just my opinion here folks. My opinion based on 14 years where I have probably worked with between 2,000-2,500 agents because remember there are usually two (buy side/ sell side) on every purchase. Trust me when I say the good agents earn their commissions, and it is not just because they brought you coffee and set you up on an automated search for homes.
I love my Real Estate partners, and have high admiration for the true professionals out there helping you find your dream home. Have fun, it is worth it (even in this market)!