Being a buyer in Fort Collins in 2021 was crazy, to say the least, and unfortunately, 2022 is no different.
Buying a house is always an emotional rollercoaster, so I decided to share some useful tips to help you out. Here are some Tips for Being a Buyer in Fort Collins in 2022.
Align yourself with an active realtor
The real estate market is extremely dynamic. So unless you find an active real estate agent to help you out, you’re going to have a hard time finding your dream home.
Find someone who is actively buying and offering on properties because they will definitely know how to negotiate the best offer for you.
In years past, the real estate market could be boring and bland. Anyone could secure a contract. NOW, it is quite different. Knowing WHAT sellers are looking for in an offer. How many days should an inspection be limited to. All of these things are understood the more deals an agent does. Work with an active agent (12+ deals/Year).
Work with a local lender
Another important tip is to align yourself with a local lender so that the listing agent sees a name they recognize during the pre-approval process.
In today’s market, working with a reputable local lender may increase your chances of winning a deal. Avoid the Rocket Mortgages and Quicken Loans. They may have great rates, but you may have to offer on twice or 3X as many homes by the time you find a seller and listing agent willing to work with that lender. Interest rates may have increased past the point you could have secured a home with a local lender.
Expect a 45-90 day-long process
From the moment you start your search, you can expect the process to last for about 45-90 days minimum. From house-hunting to house bidding, there are a lot of steps to take when buying a house in 2022 so you need to be patient.
- Pre Approval – 7 Days
- Offering On Homes – Average 4 Offers/Client and 1 Offer/Week – 28 Days
- Secure a Property and Navigate the Contract to Close – 21-30 Days
- Post Occupancy 5-60 Days
Just a broad overview of what you could expect while searching for a new home.
Expect to pay list price or above list price
The current atmosphere of buying a house in Fort Collins is tough. Most homes are going for above list price, especially the turn-key-ready homes. If it’s a home that is getting multiple offers, you can expect that it’s going to be above the list price so be prepared.
It is important to know HOW high above list price it could go. An experienced agent can help determine what that amount COULD be. No guarantees though. There are unicorns that blow even the best guesses out of the water.
Get as much information as possible
Once you decide on a home to offer on, make sure your real estate agent is calling the listing agent to get as much information as possible. Some listing agents have been given the freedom to disclose ALL information (price, terms, financing, contingencies etc.) to potential buyers. You and your agent wouldn’t know this unless your agent calls them!
From there, work together to develop the best possible offer that meets the seller’s expectations.
Overcome two major barriers
There are two major hurdles that you need to overcome when you decide to offer on a home.
The first one is an emotional barrier. Do you like the house? Can you see your family living there?
The second one is of financial nature. Can you afford it? Can you pay the monthly mortgage?
The buyer’s journey can be rocky sometimes, so you need to be prepared to go through these questions every single time you find a house you like. Like I said above, I am averaging 4 offers per client. That means you are going to have to overcome these two hurdles on average 4 times when you decide to offer on a home.
When buying a house in Fort Collins (or really anywhere in the USA), you need to be patient, persistent, optimistic and opportunistic. But with a reliable realtor, the journey will be much easier.
At Soukup Real Estate Services, we’ve helped many clients just like you find their dream home in Fort Collins. We’d be happy to help you too so drop us a message to get started.
In the meantime, check the full video below: