It is tough out there in Denver. Inventory is low and prices are getting higher. Buyers are losing their minds after losing houses in bidding wars. Seller's meanwhile are getting panicked whether when they sell they will be able to find a new home.
Let's talk about some strategies to give you an edge in the process.
Making Yourself Competitive as a Buyer:
1) Look below your top price range so you can compete in a bidding war.
2) Be willing to do some work. Perhaps the house isn't perfect as is but maybe you can inexpensively make it your own.
3) Structure a smart offer. Think about offering the asking price and including an escalation clause.
4) Be flexible about your closing date. Sometimes it is worth paying an extra month rent to make the seller's dates work.
Seller's have a multitude of challenges but it is really back to the basics to make your house sell and make it to the closing table.
1) Prepare your house to go on the market by doing the little things. Touch up paint, clean windows, have your furnace serviced and your sewer line cleaned. The extra details will help bring in more offers.
2) Even though you hear the market is going nuts and it is seller's market be prepared to negotiate during inspection. Most issues a buyer brings up are issues you would have to tackle for any Buyer. You will want the same things taken care of when you go to purchase. Being fair and reasonable keeps the deal on track. Even in a seller's market when you go off the market and back on it create a stigma for other buyers.
3) Don't push the market too much on pricing. Having a fair price and getting multiple offers can help you support you getting through the appraisal deadline. The market will dictate the real value so if you price it to high even in a seller's market your house will sit.
4) Remember it is important to pass these deadlines so you can write offers on your future home. The more deadlines you are through the stronger buyer you become for your new purchase.
So even though it is tough out there if you keep calm and focused it is feasible to create a real estate plan that works for you. As a seller you will make the profit you want on your sale or as a buyer you will find and close on a solid house that meets your needs.