How Quickly Do I Need To Make An Offer On A House?

As all potential homebuyers have noticed, Colorado Springs real estate is in high demand, and homes are literally flying off the market right now. It is not uncommon to see homes go under contract in the first 24 hours of being listed, or to have showings canceled before prospective buyers even have a chance to see properties. It can be frustrating, especially if the home could have been "the one".

This doesn't mean home buyers should get discouraged, or give up their home search altogether. The current market environment is exciting for our local economy, and you don't need to be intimidated when armed with the following tips:

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.

Use Free Resources To Optimize Your Home Search

Utilize saved home searches on www.MilitaryHomeSearch.com and receive daily updates when new homes hit the market. Time is of the essence in this environment!

Hire The Right REALTOR® To Represent You

Engage a hard working, quick reacting realtor to advocate for you. As a home buyer, a REALTOR's® services do not cost you anything, as their commission is paid by the seller!

Make A List Of Homes You Like

Keep a running log of 5-10 homes you are interested in or would like to see. Odds are, you will be able to see a majority of the homes on your list and even find a couple you could see making offers on.

Approach Your Home Search With An Open Mind

Don't fall in love with one home, as it may take more than one try to get an offer accepted due to competition from other home buyers. Remember, there is no such thing as a perfect home, but there are many great homes that work for different individuals.

Keep Your Home Search Focused: Create a “Needs” vs. “Wants” List

While it can be tempting to make an offer fast on a home that has several prospective buyers, it’s important to keep in mind what’s most important—your family’s needs in a home. For this reason, experts often recommend that potential home buyers establish a list of what they need versus what they might want in a home before making any serious decisions about bidding.

If you need a set amount of bedrooms for your growing family or must have senior-friendly amenities, don’t make a bid on a home without those features. Create a list of what you really need, and don’t sway from it. Wants would be amenities such as an outdoor pool, an updated kitchen or lush landscaping. However, those features can be added or upgraded later, making homes without them still potential candidates.

The bottom line is, don’t rush your offer if the home doesn’t meet your family’s basic needs, and consider shopping around a bit more.

Put Your Buying Power To Work With A VA Loan

Appreciate the investment you are making, especially with a VA loan. When you secure a VA loan in a low rate environment, a home is an especially attractive investment because the VA loan is assumable. Therefore, if rates increase in the next few years, a future home buyer can assume the current loan at the lower rate.

This is an exciting time in real estate, and we can all appreciate the strengthening home market, as well as the strengthening local economy. As always, we have our military to thank for the amazing contributions they make to the Colorado Springs economy. Happy house hunting!

For informational purposes only. Always consult with a licensed real estate professional before proceeding with any real estate transaction.