I like challenges – it is just the way I am wired. Lucky for me (and you), this real estate market can present some challenges for buyers. The market is tight and there is a good amount of competition for homes. Homes are still going for more than their asking price and typically have multiple offers. Although, 80% of my buyers last year walked into their home with equity, some with upwards of $10,000-$12,000. Some of this equity is a result of how quickly the market is appreciating and the longer length of time that appraisals are taking. But I am here to tell you there are ways to win at this market as a buyer. Here are two ways how:
Lack of professional pictures or no pictures. I am still at a loss as to why people wouldn’t use professional pictures when the home search is so visual. At the end of the day, if there are no pictures or poor pictures, fewer buyers will look at the home. I always recommend that my clients entertain homes that fit their criteria but do not present nicely on the MLS, as it typically is not a proper representation of the home. I once showed a home that had no pictures at all. Upon walking in the home, we found it completely updated and even staged!
Homes that have been on the market for longer than a week. I say a week here but the number is going to be the median days on market or more. This is different for each price point and neighborhood. As an example, the median days on the market for a home priced 500k or less in Denver is eight. Since the market is moving so quickly, if a home stays on the market for longer than the median days on market it can mean there are not as many buyers looking at. Just because the home is still on the market does not mean there is anything wrong with the home. It may still be on the market for a number of reasons. It may be priced improperly, they may have difficult showing restrictions which make it hard for buyers to view the home or it wasn’t marketed properly.
These two situations often result in fewer buyers looking at the home and far less competition. This may result in room for negotiation and the possibility of walking into a home with a bit of equity. There are still deals to be had in this market if buyers can keep an open mind and utilize creative solutions.
Liz works full-time as a Real Estate Agent with Keller Williams Realty Downtown, LLC.
