If you've tried to buy a home in Colorado lately, then you know that things are moving very quickly. The latest housing market statistics show that inventory is down. Therefore, buyers have to be ready to move quickly when they find the right home. Lucky for you, your Colorado real estate agent knows how to work in these conditions. They can offer tips, tricks, and advice to guide you through the buying process. Here's some of the tips your Colorado realtor will give you.
Preparing to Move Quickly
For starters, use a mortgage calculator to determine your budget. This will help you answer the questions “how much can I afford?” and “how much will my mortgage payments be?” Though these calculators can provide a ballpark answer to these important questions, they cannot replace more in-depth evaluations that your real estate agent. More will go into what you can afford than just raw numbers and your agent can help you realize that. Therefore, you should be talking with your agent about your plans to sell.
The next step is to talk with loan officers and mortgage lenders. Get a leg up on the competition by getting prequalified and preapproved for a home loan. Don't know any lenders? I bet your agent does. In fact, your Colorado agent has probably worked with multiple lenders and can connect you with one that can get you the best rate. Once you're preapproved, you can make stronger offers on the homes that you want. Another thing your agent will tell is to not get too attached to a home. Competition is fierce in this market and you may find yourself making many offers before you get one accepted. It's okay to lean on your agent for support—they've seen it all before and know how to navigate this speedy market.