31 May 4 Tips to Make a Competitive Offer
This is it! You’ve found the house of your dreams. The view of the mountains is amazing, and the deck has an outdoor hot tub where you can soak it all in. You’ve already started a new Pinterest board with ideas for the master bathroom and kitchen. There’s simply no other option – you have to have this house.
The only problem? There’s a line of other buyers waiting to walk through the same property and make a competitive offer before you’ve had a chance to “sleep on it.” There’s no doubt about it, demand for luxury real estate in Summit County is high. Unfortunately, a decrease in supply over last year has created an unbalanced market. This is excellent news for sellers. But the buyers who are trying to score a luxury home or condo are faced with fierce competition.
If you’re hoping to buy a luxury home in Summit County this spring, you’re going to have to bring your A game. Only the most serious, motivated of the bunch are going to take home a prize. Here are four tips to make a competitive offer for a shot at landing the home you want:
1. Understand how much you can afford
Getting pre-approved for a mortgage is critical in a competitive housing market. Not only will it show sellers you’re a serious buyer, it lets you know how much you can afford to spend on your new place. Pre-approval is an extra step that offers a huge advantage.
2. Know what you want
This is not a market for buyers who want to take their time and deliberate. Before you start looking for properties, make a list of must-haves and features you don’t mind budging on. This way, when you walk through a home that has pretty much everything you want, you don’t have to spend a lot of time thinking it over.
3. Make a competitive offer
A lowball offer on a luxury home or condo won’t get you very far in Summit County. Be prepared to make an offer that’s comparable with other sales and listings in Breckenridge. When sellers are receiving bids above asking price, they’ll toss the lowest ones to the bottom of the pile. At Dwell Summit, we can do a comparative market analysis to help you make a competitive offer.
4. Don’t sweat the small stuff
In a seller’s market, try to reduce or completely get rid of any contingencies you have with your offer. In lieu of an inspection contingency, which can protect you from buying a home with seriously expensive issues, consider a pre-inspection. A pre-inspection is done before you make an offer, and it allows you to do so with full knowledge of any problems with the house.
Working with a luxury realtor in Summit County can make all the difference
Buying a home is sort of like buying a car. Sure, you could do it by yourself. However, having an expert show you a curated list of affordable options and walk you through the process can make the experience much less stressful and a lot more fun.
At Dwell Summit, we know the Breckenridge real estate market inside and out. Why try to navigate such a competitive environment alone? We’ll stand by your side every step of the way and guide you towards smart buying decisions. As a luxury realtor in Summit County, we can also handle tough negotiations and help you craft an irresistible counteroffer that’s beneficial for both parties. It’s all in a day’s work at Dwell Summit – and we wouldn’t have it any other way.
Give us a call to find out how we can help you score your dream home this spring!