Where are all the homes for sale?

I thought I would write a quick blog post about the lack of inventory out there for my buyers. If you have ever considered selling your home and either buying something bigger or moving out of state, now is definitely the time! I have five buyers actively looking for homes all round Denver down to Colorado Springs, and we are having quite a hard time! Properties are flying off the market and getting bid up way more than they are worth. This causes problems not only for buyers, but also for the sellers when they have to deal with being inundated by buyers and real estate agents and then figuring out what to do when their house does not appraise for the agreed purchase price. I just attended a great class about how to “help” the appraiser so that all parties to the transaction can move forward confidently.

When working with my buyers, I have several strategies to help them get their offer accepted over competing offers. Working with sellers, I help ease the stress that comes with the frenzy of buyers in this market by providing a simple breakdown of the competing offers and my professional opinion backed by 10 years of experience of what the advantages and disadvantages of each offer. I prefer to work in Jefferson County as I know that area best and that is where I spend most of my time, but I have clients all the way east out to the airport and south to Colorado Springs. Please call me if you or anyone you know has talked about selling their home – I would love to meet with them, and chances are I might already have a buyer for their home (which would save them money and time!).

Hiring a Realtor

Ask your Realtor lots of questions!

Ask your Realtor lots of questions!

Every good consumer knows that getting the best person to work for you, it is necessary to shop around. Here are some questions that you can ask when interviewing Realtors to decide who will best help you reach your goals.

  • How long have you been a Realtor?

While it helps to pick a seasoned professional, keep in mind that older is not always better. An agent that has been in the business for 20 years, may be so set in his ways, that he isn’t using new technology and may actually hinder your real estate goals. Also, don’t discount brand new agents either. New agents may offer a fresh perspective as well as having a well-qualified mentor watching their every move to make sure you are well taken care of.

  • What is your average List-Price to Sales-Price ratio?

A real estate agent should know his market well enough to be able to negotiate down the price for his buyers while negotiating up the price for his sellers.

  • What is your best marketing plan for selling my home or what strategies do you have to help me buy a home?

A strong marketing plan for a seller will help them sell their home faster and for the most money. Sellers should ask:

  1. What sets you apart from other listing agents?
  2. What is your online marketing strategy?
  3. What printed advertisements do you use?
  4. How many listings do you have typically?
  5. What is your availability for showings, open houses and answering my questions?

Buyers should ask:

  1. How will you search for my new home?
  2. What is the process for purchasing a home?
  3. What strategies do you have for submitting offers?
  4. How competitive is the market and how do you handle multiple offers?
  • Do you have any references?

Make sure those references aren’t related to the broker and that you can contact them.

  • What are the top three things that set you apart from your competition?

This should be an easy question for the broker, but make sure their answers are qualities that you value most in a Realtor.

  • Will you help with the contracts?

There are a lot of contracts and agreements in real estate and it really helps when your agent knows the contracts inside and out. It helps also if your broker can send you the contracts before you need to sign them.

  • How is your referral network?

There are a lot of people involved during a real estate transaction as well. Ask your Realtor if they have a good referral network and trusted professionals they choose to work with the most and why.

  • How much do you charge?

All fees are negotiable in real estate. Ask how much the real estate agent charges for their services and who pays them. In Colorado, the seller typically pays both brokers in a transaction.

  • What kind of guarantee do you offer:

If you sign an agreement to hire a broker, and then find that it is not a good fit, can you cancel the agreement? You need to make sure your broker will provide you the best service they promised or you should part ways. Has the broker ever had a client cancel an agreement before?

  • What else do I need to know that I haven’t asked?

Buying or selling a home is a very big event in your life. Make sure your broker is taking the time to educate you and really listen to your needs so they can better help you.