You may have heard the reports about the lack of housing inventory easing up, but a new report is indicating the amount of homes on the market is on the decline nationwide again.
Specifically, the report states that inventory dropped .3 percent at the end of June, which was the first time this has happened since September. Further, should inventory continue to decrease at the same rate, then by September we could be looking at inventory overall being down by 4 percent from last year.
If you are a potential home buyer in the Fort Collins area, this could mean now is the time to enter the market before inventory drops further. As inventory decreases, it can move toward more of a seller market where prices could go up and there may be more bidding wars as buyers compete for homes. If this is the case with you and you find yourself in a situation where you are in a bidding war over a home, here are a few tips to make your offer stand out.
Get Pre-Approved
If you get pre-approved for a home loan, it shows the seller that they can trust your offer to likely not fall through once you get under contract. This is especially the case if your loan is backed by a reputable lender with a strong track record in the market. An additional benefit to the buyer by getting pre-approved is you will know how much of a loan you can afford and what your monthly payment would look like.
Be Flexible
If the seller is looking to close on the home quickly, or if they need to stay in the home after it closes and rent back from you while they finalize their move, be flexible and give them options. By showing them that you are willing to make the transaction run smoothly, and on their timeline, the more likely they will select your offer.
Write a Letter Detailing Why You Like the House
When you walk through a home for the first time, you begin to imagine how you and your family will live in it. You imagine the upgrades you may make and where you would get your work done. You imagine where your kids would play in the yard. These are the types of things you can illustrate in a personal letter to the owner of the home. If they see that you plan to put the same care into the home as they did, they could be more inclined to accept your offer.
If you need any help obtaining a home loan to purchase real estate in the Fort Collins area, or have any questions, please contact one of our mortgage consultants today!