Questions from a First-Time Denver Homebuyer
First and foremost, Nick asked: “How do I get started?”
This could not be easier, especially for twenty-somethings. The National Association of Realtors reports that 90% of buyers start with the Internet, so the days of riding around in the back seat of a real estate agent’s car are gone forever. Homebuyers are in the driver’s seat.
Our Denver real estate website serves as a portal for home shoppers to directly access the local MLS. Once you have entered the MLS, you can search by location, home style, bedrooms, square footage and, of course, price. It is also possible to set it up email alerts, so you will be immediately notified if any new homes come onto the market matching your specified criterion. By doing some research, you will quickly learn the ins and outs of various Denver neighborhoods.
Nick’s next question was: “Should I speak with a lender?”
Absolutely. Within a matter of minutes, a lender can advise you of exactly how much cash you will need for a down payment and closing costs, in addition to the monthly payment you can afford. The lender can also give you a “pre-approval” letter to present to home sellers when you are ready to make an offer.
“Should we get started now or wait until after the first of the year?”
Nick, this is strictly a personal choice – we are ready when you are. There are pluses either way. While Denver home inventory is currently down 20% from last year, there are still plenty of homes available in your price range. Since sellers realize that the Denver real estate market tends to be slower prior to the holidays, most will be receptive to an offer. If you wait until after the holidays, there will be fresh homes on market, so the selection may be better. In either situation, you will certainly want to find a home while the first-time buyer’s tax credit is available to you.
Nick decided to get started on purchasing his first home. He will spend the next few days searching online, and emailing me the MLS numbers of homes that are interesting. I will then e-mail Nick the complete listing details, which are only available to licensed brokers. We will meet the Saturday after Thanksgiving to discuss the pluses and minuses of the identified homes, prior to going out to view them first-hand.
Buying your first home is fun, exciting, a bit scary and even somewhat intimidating. As Nick’s real estate team, it is our job to remove the fear and intimidation and make certain the experience is fun and exciting!
For more information regarding purchasing your first home in the Denver metro area, please contact TeamCox Realtors at 303-400-6060.
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