Is It Better To Rent Or Buy in a Hot Real Estate Market Like Denver

The real estate market in Denver is hot and the question can come up, is it better to rent or buy in a hot real estate market? The answer depends on a lot of things and only you can answer it.

First time home buyers

Is It Better To Rent Or Buy in a Hot Real Estate Market Like DenverThe market in Denver can be really difficult right now for both buyers and renters. First time buyers have it tough because the homes normally available to first time home buyers are now higher priced and out of reach or are very hard to find, but they are also getting priced out of the rental market as well. So what can you do?

Weigh your options

In order to make a decision, weigh your options. Would it be better for you to continue to rent for awhile? If not, are you willing to find a property below your expectations that may need work? Sometimes that is a good idea if the ready to move in homes are out of your price range. Also look in up and coming neighborhoods. They may not be ideal… yet. Those that appear to be getting popular will mean your investment will give you the equity you need to move up later.

Be sure to save your pennies

Having a substantial down payment can help you get a home when people with smaller amounts saved find it harder to buy. Having more to put down can help you get that house too. You look like a better potential buyer to a seller entertaining multiple offers and it could give you an edge.

Rental potential properties

Look for a property that could have rental potential. Either through an income suite or later when you decide to move up. An income suite could provide you with the ability to purchase a higher priced home because the income will help with the mortgage.

Your best bet is to talk with a Realtor to help you figure out when the best time to buy for YOU might be.

Moving To Denver? The Top Five Interesting Places To Live

If you are moving to Denver you might not know about some of the neat little towns that are commuting distance to Denver proper. These are

Erie Colorado : Real Estate and More!

Erie, CO is an interesting little area 28 miles northwest of Denver proper. It is a residential community that has a great vision for its residents and businesses. They have a dynamic community center and Moving To Denver? The Top Five Interesting Places To Livelibrary. Much of the charm of Erie comes from its active outdoor lifestyle. There are many parks, trails and open spaces available to keep you moving!

Golden Colorado : A Historical Gem

Golden is probably the most well known of all the little towns we are talking about today. It is located 18 miles due West of Denver. It has a rich heritage stemming back to the “gold rush” of the 1850s. Sitting nestled right against the Rocky Mountains, it is a great little town to call home!

Lafayette Colorado : A Fun Little Town

Lafayette is an “artsy” town that prides itself on showcasing culture and art. Lafayette is located 22 miles North and slightly West of Denver (well within commuting distance). Quieter than either Louisville or Golden, Layfayette is a sweet, old world town with historic charm.

Louisville Colorado : A Great Place To Live

Louisville is maybe one of the neatest towns around. Located 31 minutes North West of Denver, Louisville has a straight shot into town via Route 36. It is a charming village of old, historic homes and contemporary restaurants and stores. Louisville’s vibrant downtown area is a major draw for both young and old alike!

Arvada Colorado : Old World Charm With Benefits

Arvada is another neat town with an amazing downtown area. Just 11 miles North West of Denver, Arvada is a great residential area to live! It has all the modern conveniences, great access for commuting into Denver and charming “Olde Town” houses.

If you are thinking about moving to Denver and would like to learn more about these great towns, give Tena a call today! 303-452-5853

Denver Relocation – 4 Myths Busted

If you are thinking about a Denver relocation you are probably all sorts of crazy things, some of which are true and some of which are not exactly right. Here are the top 4 Mythbusters to consider if you are moving to Denver!

Denver Is Full Of Farms

Metro Denver is a large area that is has been developed for quite a while. It has experienced urban sprawl and has a number of outlying Denver Relocation - 4 Myths Bustedsubdivisions (like Thornton, Westminster, Broomfield, Parker and Centennial. While there are pockets of farmland strangely still remaining in the city proper, generally Denver is an urban area with lots of amenities.

There Are Cowboys Everywhere

Except during the annual National Western Stock Show cowboys are few and far between in Denver. While dress is certainly more casual than in other big cities, cowboy boots are worn more for show and less for work.

You Will Get Sick Coming So High Up

While some people get altitude sickness when they come to the “Mile High City”, not everyone does and there are things that you can do to help stop from getting sick. First off you need to drink A LOT of water. Denver is actually considered to be an arid climate and if you are not properly hydrated you will feel the effects more strongly. Next, relax your first day here. There is a reason so many athletes train around here, it is harder to do things so you need to condition yourself to the altitude.

Lastly, according to Berkley Wellness if you experience acute mountain sickness (AMS) you should talk to your doctor about prescription acetazolamide (brand name Diamox and others).

We Are All A Bunch Of Pot Smokers

Yes, pot smoking was legalized in Colorado and it is okay to smoke it here. That said, for most of us, nothing much changed. There is not really a haze over the city and most people are just like you, going about your normal lives without lighting up every 5 seconds.

It is good to note that you are only allowed to carry pot in the state and that if you try to leave with it you could face all the normal fines or criminal charges you would in your home state.

All that being said, Denver is an amazing place to live. The Rocky Mountains sit majestically to the West and there are wonderful things to do here. If you are thinking about a Denver relocation, give Tena D a call today to find out more! 303-452-5853

How to Get a Great Deal in a Hot Real Estate Market Like Denver

Markets like Denver have gotten hot after years of slow real estate markets. A hot real estate market means bidding wars and paying more than you want for the home you want. No buyer wants that, so how can you get a great deal with the markets heated up?

There are a few things that you, as a buyer, can do to help give you a leg up over others and avoid expensive bidding war scenarios. It will take some effort on your part, but worth it in the end.

How to Get a Great Deal in a Hot Real Estate Market Like DenverFirst, be available to view a home on short notice. Getting to see new listings the minute they go on the market may mean getting a jump on other buyers, short circuiting the bidding war scenario.

Next, have your financing in order. Being able to confidently make an offer on a property, and tell the seller that you have your financing in place may put your offer above one that is higher but may be from a buyer without financing in place. Also, have a home inspector ready to go on short notice. Having everything lined up means sellers know you are serious about buying.

Be decisive. Hemming and hawing or going back and forth between one property and another may mean missing out on both. In a hot real estate market, you should know what you want, be clear with your Realtor about your preferences and then make a decision quickly when you see what you want.

Hire an experienced Realtor to represent you. Make sure they listen to what you want as a buyer, are aggressive in looking for it and representing your interests. An inexperienced Realtor can cost you the chance at getting the property you want. A timid Realtor may cause you to pay more for a property.

Don’t let a hot real estate market mean you pay too much for your dream home.

Underpricing Listings – Red Flags Or Bidding Wars?

You may have heard of the strategy of underpricing your home in order to start a bidding war over it. That can be a risky proposition. Is a low price listing a red flag to a buyer or a great strategy to get people bidding?

Underpricing Listings - Red Flags Or Bidding Wars?One problem with underpricing your home is that it could be a huge red flag to prospective buyers that something is wrong with it. If there wasn’t why wouldn’t it be priced closer to market value? Buyers who may have really been interested in a home like yours will not even take the time to look.

That’s not to say that it can’t be done. Some places the market has rebounded enough that it is a viable strategy. But not all. In order to do it right, you need a few things. First, a Realtor willing to take the risk. Then you need some data to actually make the decision. If comparables of homes sold similar to yours show that there was indeed sales for more than asking price, it might be a good strategy. You will need to look at things like days on the market, listing price, contract price and a description so that you know it is indeed a comparable home.

If a home has been on the market for a short period of time, say 5-7 days, there may very well have been a bidding war. Obviously if it sold for more than asking, it worked. And the description will give you an idea if the home was underpriced and they got market value or better in a bidding war.

One thing you have to keep in mind with this strategy is that it could backfire. If you don’t get the bidding war within the first few days then you may be stuck with a lower asking price and low offers based on that. Since no one wants to take less than their home’s true value, then you have to price adjust. Just like lowering the price if overpriced, raising it makes people question why. It weakens your negotiation position.

Talk with your Realtor and see what their thoughts are on underpricing to create a bidding war. Then decide if the risk is worth the possibility of reward.