How To Buy A Home In A Seller’s Market – Veterans' Edition

Posted by Lauren Schneider on Thursday, May 23rd, 2019 at 11:13am.

how to buy a home in a seller's market

The housing market in Colorado Springs was recently recognized as the best in the state, and with so many transactions and new construction properties, it's an exciting time to be buying or selling a home. Home values have continued to increase over the past few years, there are plenty of buyer's in the area, but there's also a lack of inventory for those buyers. These are all just some of the reasons why those who are looking to sell their home are at a bit of an advantage right now. That said if you're thinking about buying right now, with the right preparation, resources, and connections, you'll be well on the way to successfully owning a home in no time, for a great deal no less.

Know What You're Looking For In A Home

In a market like this where there's a great turnover of homes, it's important to know what you're looking for before you start shopping. Organize a list of your wants vs needs, start broad then work more granular. Think about things like neighborhood, proximity to the base or schools, the type of home you're looking for, number of bed and bathrooms, how large of a yard do you want and so on.

Get Pre-Qualified For A Home Loan

Before shopping for a home, you need to shop for a loan so that you know how much you can afford to spend. The Springs is one of the nation's biggest military towns, and no one respects that more than lenders who specialize in home loans for veterans. Get in touch with a VA mortgage specialist to find out more about the many benefits you qualify for. You might be pleasantly surprised!

At MilitaryHomeSearch.com, we specialize in helping veterans find homes, which is why we work directly with Veteran's United Home Loans of Colorado Springs to help make the home buying process even easier.

Hire A Military-Friendly Real Estate Agent

The best thing you can do in a time like this is to get an experienced group of professionals on your side to not just help you navigate the market, but also give you an advantage over your competition. Real estate agents have the inside scoop on previous sold data in addition to their industry experience, so they can help you put in a fair yet competitive price when the time comes, and they'll help you find a home that check's off on your needs and wants. What's even better is that working with an agent is zero cost to you as a buyer.

When we talk about competitive pricing, it means that it's fair to the seller and can compete with other potential offers. This proves to the seller that you're serious about buying the home. In a seller's market, there isn't a lot of wiggle-room for negotiations when there are likely to be multiple offers on a property, so it's best to avoid low-ball offers because they likely won't be accepted.

Sign-Up For Automated Alerts & Use Our BAH Calculator

In a busy market like this, homes are going quickly and you need to act fast if you see something you like. Homes right now are on the market for an average of only 28 days, which is down from 72 days this same time last year. If you already know what you're looking for, then sign-up to have notifications sent to you the moment a that a home matching your preferences is available.

We've tried to help make the home buying process for veterans as easy as possible. With our site, if you've registered for an account, you can use our BAH Calculator to determine if you can afford the house based on your BAH allowance. Learn more about how to use the BAH Calculator when shopping for a home!

Register now for an account with MilitaryHomeSearch.com to have unlimited access to the listings, save your searches for later, and have homes that match your budget and have your preferred features sent to you as soon as they're listed!

Use Fewer Contingencies to Make Your Offer More Appealing

Contingencies are clauses in the home purchase agreement that allow the home buyer to cancel the contract. Generally speaking, there are three contingencies that buyers use to protect themselves when making an offer on a home:

  • The appraisal contingency allows the home buyer to cancel the contract if the home does not appraise for the amount that the buyer offered. 
  • The home inspection contingency gives the buyer the ability to cancel if the home inspection reveals serious problems with the home. 
  • The financing contingency allows the buyer the ability to cancel if their loan does not fund.

Buyers can also build other contingencies into their home purchase contract, but doing so can make the offer unattractive to the seller. The more opportunities there are to cancel the purchase contract, the more risk there is for the seller. A buyer who wants to make their offer as attractive as possible can do so by only using those contingencies they really need. A real estate professional can help with this. 

Be Prepared To Act Fast

If you're looking to buy a home in Colorado Springs, be prepared to act quickly. Do your research ahead of time, and when you find a home, be prepared to tour it and put in an offer within 24 hours. Take it from The Stuhmer's, who locked in on their home just a few weeks ago, how fast things move in this type of market. From start to finish, it took just over a week for them to find their home, put in an offer, get the home inspection done, and be given the keys to their new home. In the last four days, the MilitaryHomeSearch.com team helped five excited clients become proud homeowners, and we'd love to help you do the same.

If you're a veteran who's looking to buy a home in Colorado Springs, get the professional and specialized attention you deserve. Send us a message or give us a call to learn more about how we can help you find the perfect home at a great price in a hot seller's market.

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Lauren Schneider

Lauren Schneider, Real Estate Agent and Military Relocation Professional (MRP)

Lauren Schneider has lived in Colorado Springs for nearly 20 years and knows that the military is what keeps this town ticking, which is one of the reasons she's chosen to pursue her dream of helping military families with all of their homebuying needs. Learn more about Lauren or start your home search now

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