Tips for getting your real estate bid accepted

Once you’ve found your dream house, the real estate quest does not end there. You’ve still got to figure out if you can finance the purchase, and exactly how much this purchase will be. And even then, the buyer may not accept your bid. Losing a bid on a house can be heartbreaking for a prospective buyer that has put a lot of heart and effort into looking for the perfect home. There are some strategies that you can use to help the buyer decide to accept your bid.

Make a good impression

Some homeowners will feel very attached to their house and all the precious memories it holds. Consider this whenever you meet the buyers. Think of it as a job application. When the owner looks for an ideal buyer, it may be important to them that it is taken over by someone they like. If they don’t personally like you, and can afford to wait longer to sell the house, then they may reject even a fair bid.

Communicate effectively

Negotiating the terms of selling a house can take so much back and forth that having effective communication is essential. Not only can your buyers grow frustrating with trying to communicate with you, but this can drag out a potential home sale, and another buyer could swoop in before you can get your messages across.

One way to ensure you’re communicating properly is to have Denver real estate agents at your disposal. An agent will know all the right steps in the bidding process and can even help with the aftermath of financing and contingencies.

Make a fair bid

One of the simplest ways to get your bid accepted is to offer up a fair one. With competition between buyers heating up, if you offer a price that is well below the listing price, the buyer may be right in thinking that they wouldn’t have to wait too long for a better offer. Also, bidding a price that is unreasonably low could offend them or make them think you’re wasting your time, causing them to refuse to entertain any other offers from you. If you think their asking price is unreasonably high or you could afford the house if it were a bit less, then you are probably right to offer a bid lower than the asking price. One way to figure out a fair bid is to look at comparable homes in the area and what prices they sold for. Keep in mind individual cases may have had special circumstances, like upgrades or other issues, but it’s a good general reference point.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

May’s real estate report shows record-breaking numbers for Denver

For some time now, the stable regrowth of Denver real estate has been reassuring buyers and sellers. As one of the first to get hit by the housing crisis years ago, Denver is emerging as one of the first to recover. Record breaking numbers in May have further confirmed what we’ve been coming to understand about the state of the market: it’s officially back.

In May, home prices reached their highest since the market’s crash. Since last May, prices have gone up by 10% according to the Standard & Poor’s/Case-Shiller home price index. For seventeen consecutive months, Denver has seen these year-to-year increases. Partly due to an increased demand, the average price of a home during May reached over $308,000. While Denver’s population has been increasing as more and more discover what a desirable place to live the city is, this is also a sign of a healthier market. May’s broken records had not been met for seven long years, so these numbers have caused many skeptics to finally let out a sigh of release.

The demand is so high that many sellers are reporting finding a buyer within days or even the same day they put out their sign. Following the recession, a large number of properties that were selling were sold for less than $100,000, including many foreclosures, while the standard today has shifted between of $200,000-$300,000. This is a relief for sellers of bigger-ticket homes, as these typically take longer to sell. However, now, these sellers can hope to sell their home in less than a year instead of several years. A drop in the sale of foreclosures—from 40% to 15% in a few years—has also contributed to this, along with minimalized discounts on these foreclosure properties.

Only two cities in the United States have passed records set before the recession, and Denver is one. The city’s co-title holder, Dallas, is also experiencing increased demand. However, if you are a hopeful potential buyer, don’t let these statistics scare you. Even though Denver homes are in higher demand, a recovering market means that there are still plenty of houses getting put on the market of Denver real estate for sale every day, with 2,500 new homes entering the market from April-July of this year. Yes, there will be more competition, but you will also have access to more homes, meaning a greater chance at finding the perfect home for you.

Denver’s recovery is indicative of regrowth in the market all over the country—the Standard & Poor’s/Case-Shiller price index also reported US home sales had hit a five year high in May.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Real estate lingo any buyer or seller should know

Even if you aren’t knew to the real estate game, understanding real estate lingo can be confusing. You may find yourself constantly researching the words you’re looking at. And if you don’t have a real estate agent to help you sort things out with homes for sale in Denver CO, you should look forward to study sessions to get a handle on the process. To help you out, we’ve listed some common real estate lingo with some helpful definitions:

Closing costs—the price of the home in question is not the only expense that buyers and sellers have to deal with. The total costs associated with closing on a home are called closing costs. These may include fees or costs dealing with mortgage, escrow, attorneys, brokerage commission, taxes, transfers, insurance, and anything else that is paid for when buying the home.

Fixture—this term deals with the difference between real property and personal property. In the legal sense, real estate is termed “real property” while anything movable that the previous owners will be taking with them is personal property. Fixtures are a part of real property and are often put in writing so it’s clear who will be getting what, because it can be tricky with items like blinds that could be seen as either and that the previous home owner may have become attached to.

Contingency—a contingency is an agreement that includes an if. This means that the terms of the agreement are not officially legally binding until a certain thing happens. For example, a home buyer and seller could have an agreement that states that the buyer must have an appraisal that matches the asking price of the home before legally purchasing it. Even if they agreed to sell, a seller here could back out if this condition isn’t met because of a contingency provision.

Disclosure—this is anything that the seller must inform the buyer of before they take over ownership. These are things that will have an effect on future value or use of a property. This could be a leaky roof, a property that is prone to flooding, or anything else that the new buyer may need to know.

CMA—a comparative market analysis or competitive market analysis. This report will analyze the market for similar homes in the area that were sold, and what price they were sold for. These reports also often show details for homes currently on the market.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Why buyers stall

Whether your home has been on the market for a year or a week, having a potential buyer is exciting. Before you even put your home on the market, you and your agent have put in hours and hours of work preparing and marketing your home. So, once it seems like you might have a buyer, it is easy to get anxious over when things will become official. But it can take some time between a buyer unofficially expressing serious interest and actually taking over ownership, and stalls can happen at any point in the process. If you are looking at putting up Denver Colorado homes for sale, take a look at some common reasons why potential buyers may stall officially buying during this period:

They’re letting the decision settle

If you have been playing the real estate game for a while, it can be easy to forget what a big decision buying a home is. From the seller’s end, for the most part, as long as the financials look good, the decision to sell to a certain buyer is easy. But the buyer has to consider many different aspects of the home, the financials, and yes, even the seller. Especially if they are first time home buyers, this life-altering decision can cause anxiety.
Letting the dust settle after initially considering the possibility of calling a home yours is common. While very motivated buyers may want to go full speed ahead, you may find that your right buyer needed a little more time to feel comfortable with the decision. This is “sleeping on it” in a broader sense of the term.

They’re still shopping around

This doesn’t mean that they’re totally unsure about your home. It could be that your potential buyers want to gather more information on the market, similar homes, and other data to make sure they’re getting the right deal. It’s like finding a great pair of shoes, but looking around anyway just to make sure there isn’t a similar pair out there for cheaper. Odds are, this is just confirming what they already know, and getting the reassurance that this is the right house for them might take a little more market scoping.

Not everything’s right

Your buyer may be stalling because the house isn’t exactly what they wanted. They could still be interested, however, because the totally perfect house is difficult to find, and many homeowners are open to compromising. Perhaps one member of a buying partnership has some misgivings. These types of buyers may stall because they are hoping for a price reduction or to motivate the seller to accept a lower offer, or they may just be taking their time considering a home that doesn’t have everything they wanted.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Qualities of a bad neighbor

Bad neighbors can be a huge frustration for home owners. Whether you are buying or selling, you should take into account how your neighbors will affect your real estate experience. If you are selling, bad neighbors could scare off that perfect match. If you are buying, you don’t want to buy a house next to residents that you don’t think would be pleasant. Whether you selling or buying Denver Colorado homes for sale, keep these qualities of a bad neighbor in mind:

Close proximity

This may not always be a bother, but even the best neighbors can be a pain if their property is too close to yours. You may have to deal with common issues of close neighbors—dogs getting into each other’s yards, tree branches growing over fences and dropping leaves into the other’s yard, or perhaps just being so close that you can hear even the lowest of conversations. This can be even more difficult to deal with if your neighbor is “bad” in the social sense, as in impolite, antagonistic, or any other quality you wouldn’t seek out in a companion.

Intrusiveness

This would be proximity in the social sense, or perhaps a lack of privacy. If you neighbor’s yard has a clear view of your yard, windows, or other elements, then you should hope that neighbor isn’t also nosy. Even if they are respectful of your privacy, it may be irritating relaxing in your yard knowing that you don’t have total privacy. If they aren’t respectful of your privacy, well, then you might consider getting some nice blinds.

The other type of intrusiveness may come from neighbors that may feel overly friendly. Some neighbors may not realize how often is appropriate to drop by for a chat or to wave down your car for a word as you pull in your driveway. Even if you like them personally, too much interaction can feel a bit smothering if you live next door to someone, and communicating this could cause future resentment. The major problem here is that if someone is intrusive, it’s impossible to avoid if that person lives right next door.

Noisiness

This is perhaps one of the major complaints of homeowners concerning their neighbors. Sure, you can call the authorities for when things get too loud, but this noisiness may not always be a clear cut house party. It could be a dog that barks intermittently or some occasional but very loud banging as they drag out their trash cans. If this type of noise is exorbitant, it can be hard to stop.

Untidiness

If your neighbors have an untidy lawn, this depreciates the look of your own property. You don’t want to take meticulous care of your perfectly manicured lawn only for the aesthetics to be ruined by that untidy neighbor.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Home showing attendance etiquette

Recently, we took a look at do’s and don’ts for home sellers when showing their home. Now we’ll be talking about the other side of things. When you are looking for homes for sale in Denver CO, it is important to follow certain etiquette when attending a home showing. If you’re going to take a look inside of a home, make sure to follow these important tips:

Don’t bring your kids or pets

This should be obvious, but you would be surprised how many showing attendees think of attending a home showing as a trip to a park. It is better to not bring your kids, but if they must come, make sure they are not running around and causing a ruckus in your host’s home. If your child makes a mess or breaks something, this can turn your dream home into an awkward situation that may not be worth pursuing for the resentful seller anymore. Generally you will not want to bring pets at all, as you cannot always control their behavior or the allergies and preferences of the home sellers.

Leave everything how you left it

If you are attending a home showing, it is important to remember to look, not touch. If you have to touch something, make sure everything is still in order when you leave it. This also means cleaning up after yourself if you use any of the facilities.

Try not to schedule for awkward times

When scheduling a showing, you will want to schedule a look at appropriate times. Many sellers know that they should try to accept any times that a buyer wants to look at a home, and also that they should try and be absent during showings. This is why you will not want to schedule showings too early or too late in the day. You don’t have to adhere to normal business hours, but you don’t want to schedule a time that the seller may not have left for work yet or when they are trying to go to sleep.

Focus

When you are looking at a home, try not to waste the time of the agents, sellers, and buying partners by focusing on the matters at hand. This does not necessarily mean non-home buying issues are off limits, but try not to be so social or otherwise distracted that you don’t get to the point of the visit. Be polite and conversational, but make sure that you take care of business at the same time.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Do’s and Don’ts of showing your home

Home showings are like first dates. It’s important to make a good impression and communicate what you have to offer. Afterward you may be nervously dialing a number or answering your phone. Just like there are first date faux pas, there is certain etiquette when it comes to showing your home. Don’t be guilty of these common showing ‘don’ts.’

Don’t buzz around the showing

Although the rule is not set in stone, it is generally thought that the owners shouldn’t be around while a showing is taking place. Even if the seller is not being intrusive, the prospective seller may not be able to totally focus on imagining themselves living in the house, ask questions, or voice opinions to their agent or buying partners. It is usually distracting to have the current home owner there, and the prospective buyer may feel pressure to express positive thoughts to the current owner.

So, if you are present while your home is showing, it is important to give the prospective buyer some space. You can be polite and introduce yourself, but don’t buzz around them as they are taking a look at things. That way, they feel more comfortable with taking a close, scrutinizing look at your home that they will need in order to advance further in the process. You should also make sure that any pets or other members of the household are absent as well. Try to be able to schedule showings whenever the buyer can come, but be sure your Denver real estate agents know what times you absolutely cannot be showing your home.

Don’t press the prospective buyer afterwards

It’s not the status quo to communicate with the buyers afterward unless they want to pursue the home further, but the modern showing process often offers more opportunity for feedback. Many online listing have an application where prospective buyers can leave comments for the seller after the showing. But with this new process comes new etiquette. Don’t pester the prospective buyers for a response, and be sure to accept constructive criticism gently—don’t argue with the buyer over their opinions or take them personally. The buyer may have given negative feedback despite being interested, so you don’t want to scare away the potential sale.

Don’t leave valuables sitting around

As much as you would like to trust people you are showing your home to, since you will not be around for every showing, make sure your valuables or other personal items are put away. This way, you don’t have to deal with the awkwardness of questioning showing attendees over lost items.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Part II: How your neighborhood factors into home value

We’ve been taking a look at community features that can add to home value. If you’re trying to buy or sell a home, the house and personal property itself is not the only thing you’ve got to think about. Community matters when it comes to home value. If your neighborhood has nice schools, well maintained landscaping and streets, and other features, then that makes your home more competitive in the market. Some other neighborhood or subdivision features that can supplement home value:
Proximity to amenities

Neighborhood factors in especially when you’re looking at how close it is in relation to all your favorite spots. This adds a personal type of value, but you should also consider proximity to urban areas, parks, shopping, nightlife, sporting centers, and other attractions. For many Denver neighborhoods, such as Berkeley real estate, Baker, Cherry Creek and nearby Aurora, outdoor recreational areas will be a huge draw when looking at where to live. The Cherry Creek reserve and other outdoor areas offer opportunities for hiking, camping, swimming, boating, cross-country skiing, and much more. If you are in close walking or driving distance to these areas, this adds to the value of your home. You can also look at the overall convenience of living in Denver—you’re a short car ride away from skiing in the Rocky Mountains and surrounded by plenty of different types of recreational areas and state parks.

Special events

Living in a community that is close to any special events can increase home value, even if these events aren’t happening every day. Even annual events bring attention to the area, which makes properties more desired overall—value tends to follow the action, as restaurants and other establishments that add value often sprout up around areas that hold special events.

Pet friendliness

There are two main concerns when it comes to pet friendliness. If you’re talking about buying and selling real estate, the home owner will be able to decide whether or not to get a pet—unless you live in a condominium or similar type of complex that has certain restrictions on dogs. The other issue is how nice the community is in terms of use for your pet—are there nice dog-walking paths nearby? This is where pet friendliness goes beyond whether they are allowed or not. A community that is good for pets can add serious value to a home, especially when you consider how important pet-specific amenities are in the life of a pet owner. If you are close to a dog park or another park that is pet friendly, then this could be a major selling point. And if you have a small backyard, a nice neighborhood for dog walking can be a good solution when looking to list Baker real estate.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Finding the right agent for you

Read reviews, talk with former clients and get referrals. What former clients have to say about the service they received while working with the agent is a great insight on how the agent handles customers. You want someone who will be diligent about calling you back and will show you the kinds of property you are asking for. Agents, much like artists have portfolios. They should be able to show you houses they have listed and sold. Ask what kind of margins they usually deal with. Find out what the listing price for the property and what it sold for.

Many different agents specialize in several different things, anywhere from upscale homes to short sales on houses that are foreclosing. It is important that the agent you choose be very familiar with the type of property and sale you’re looking for or trying to sell. Just like a lawyer or restaurant, an agent or broker has to be licensed in the state he/she practices real estate in. Your state’s regulatory board can tell you whether or not the person you are working with is licensed and if they have a clean discipline record. The longer an agent has been in business the more experience he/she can offer. It’s not rude to ask how long your agent has been licensed. Your agent should be qualified to give you the service you require. Make sure they have experience buying or selling the type of property you are interested in.

Aside from getting a real estate license agents can be additionally certified. CRS (Certified Residential Specialist): Completed additional training in handling residential real estate. ABR (Accredited Buyer’s Representative): Completed additional education in representing buyers in a transaction. SRES (Seniors Real Estate Specialist): Completed training aimed at helping buyers and sellers in the 50-plus age range. If the agent uses a capital “R,” that means he’s a member of the National Association of Realtors.

When house shopping it is important that you do your research too. And that means finding the agent who is most qualified to find you the house in the area and price range you desire or to find a buyer to purchase your house at the price you are asking.A good agent knows the market you’re looking into and should be knowledgable about other properties in the same area that have sold around the price you’re asking.Knowledge is power, and knowing what to look for in a real estate agent will give you the power to find your dream home when it comes to Denver Colorado homes for sale.

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.

Three qualities of a great real estate agent

A big factor that can make or break a home sale is the real estate agent. The agent is who the buyer or seller looks to for advice and expertise to navigate the real estate market and having a good agent will make all the difference. Here are some qualities of a great real estate agent:

They have a vast network

There’s a reason real estate agents tend to be social creatures—having a large network to fall back on for business is a huge advantage for a real estate agent. Many clients that they end up selling houses to or for come from a network of previous clients and people that they already know.

They only do real estate

While a part-time real estate agent isn’t a deal breaker, you should make sure they are dedicated to the amount of work they promise. This means that “entrepreneur” type of part time real estate can be dangerous, as this type of real estate agent may just like to collect interests, having many other “jobs” along with selling real estate. You want an agent that has dedicated a career to knowing the ins and outs of real estate rather than just knowing the ins and outs of a lot of different topics. You should always ask whether your agent is full or part time and whether they have any careers other than selling real estate, and if they do, ask how serious they are about selling real estate.

They’re consistently on time

Being a little late every once in a while is only human, but an agent that is constantly late is a sign of inefficiency and that your agent is unprofessional. Booking and making appointments according to an irregular schedule is a huge aspect of a real estate agent’s job, and so an agent who fails to do this is probably not taking their job seriously, and signals that the agent does not respect your time. An agent that does not respect your time will probably not work very hard to sell their house when they are not standing right in front of you, and a lot of work necessary to sell a house happens behind the scenes. A professional will work as hard to sell your home from behind a desk as they do in person, and so look for an agent who understands the importance of respecting the time of others when buying or putting up homes for sale in Denver CO

About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.