Are you living with your family while thinking about buying Aurora real estate? Are you living with friends? Maybe you are even living in the basement with children? Moving from another state? Or, perhaps you have sold and purchased many homes but in different markets. Are you ready to make the move and purchase a new home in our busy Aurora real estate market?
You may fall into one of the above categories but if you don’t, it’s no big deal. What is a big deal is if you are thinking about buying a home or you’ve already started the process it’s a whole new world and you have to be ready. Let me offer a few tips based on my experience as an Aurora Realtor.
Current Aurora Homes For Sale
Aurora Real Estate Market
Spring is here and so is the hot Aurora real estate market. Aurora’s prices are up from last year. We have less than 1 month of inventory currently on the market. Showings have SPIKED and for all intents and purposes, we’re selling everything that comes on the market quickly. This is driving prices upward and there are far more buyers than Aurora homes for sale.
Builders are building as fast as they can. Sellers are selling quickly. But there are a lot of sellers holding back on selling because they fear they’ll have no where to go. Many buyers and their agents are tired because they’ve looked at many homes and written many offers only to get the dreaded “we picked someone else” phone call.
So what’s a buyer to do? I hear people say that they’re going to sit back and let things cool off and come back later to get a better price, etc. I can argue that the Aurora market won’t cool off anytime soon and if you wait 6 months, 1 year or 2 years you’ll be way behind the eight ball in terms of price and your personal wealth creation. Who knows where interest rates will be in the future? Even if prices go down slightly, mortgages payments may still go up if interest rates increase only slightly.
How to Actually Buy A Home
- Find a Good Realtor. A good Realtor is going to know what’s going on and can help you navigate the competitive Aurora market. They’re also going to have strategies that can help you win a multiple offer situation. They are your advocate and coach.
- . Get a Good Mortgage Lender. You must pre-qualify with a reputable home home lender or you do not have shot of competing in this hot Aurora real estate market! Do not assume you qualify and that you’ll figure it out along the way. Get qualified by a GOOD lender that can perform in this market. This will be a crucial step to helping you better the next guy. Any good Realtor can hook you up with a reliable mortgage lender. Mortgage interest rates are still very low.
- Save or scrape together a good down-payment. Please save as much as you can. It will only help you. Low down-payment loans are still getting done but they’re more prominent in outer areas then they are closer to town. That’s because there are so many buyers making offers that Sellers usually pick an offer with more down-payment. They feel safer with the buyer who has “more skin in the game”..
- Get Educated. Educate yourself and learn from a good Realtor about the ins and outs of the buying process. You need as much information as possible specially in a rapid market like we have now.
- Expect to be Aggressive. Don’t expect to get a discount or try to nickel and dime the seller. There are other “aggressive” techniques and you may have to pull everything out to get the house you want. Even if you pay a few thousand more than you want, that home could continue to appreciate more than that within a few months.
- Start Early. The home buying process can take quite a while normally, but it can easily be longer right now. Mortgage lenders, appraisers and even inspectors are backed up sometimes for weeks. You may have to be patient and wait or work for the house you want.
Spring and summer in Aurora, CO is likely to heat up even more. I think any successful buyer will need hints, add a few more that may right be for your situation. Put forth 110% effort, get a great Realtor and you’ll be successful. Please contact me below for more information.