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Holly Hills Real Estate: Buying a Home in a Tight Market

February 25, 2016

The Denver real estate market is one of the most buyer-competitive markets in the country, especially the Holly Hills real estate market. Low unemployment, beautiful natural surroundings, friendly people, and good work-life balance draw people from all over to the Holly Hills neighborhood. In this type of market, especially in a moderate price range, it’s not unusual to have a house on the market for less than a week. You can rely on your real estate professionals at Elevation Realty to alert you immediately to any new properties coming on the market, but making a quick decision may make the difference between getting a home under contract and missing out. Buying a home is likely the largest purchase you’ll make in your lifetime, so it’s natural to have some anxiety and want some time to think it over.  However, if you take too much time it’s possible, or even probable, that you may miss your dream home.

To make it possible for you to act quickly without giving yourself an anxiety attack, it is important that you sit down and make a list of wants. No property is going to fulfill every single wish, but break your list down to Deal Breakers, Serious Needs, and Wants. Once you find a house that has no deal breakers and a significant number of serious needs met, you can make an offer with confidence.
  • Deal Breakers:  Deal breakers should be just that. Anything on this list should be important enough to make you walk away from a deal. They should include things that you aren’t willing to compromise on because you’re tired of house hunting or there are some things from your want list that are turning your head.  Deal breakers may be items such as, "are schools in the area good?," "Is it a safe area?," "Is your work commute reasonable?"
  • Serious Needs:  Serious Needs are important as well, but there may be some room for compromise. The outdoor environment may not be what you want but you can possibly make it that way within a season or two. The kitchen may be outdated but you purchased the home underbudget, meaning you can afford to remodel according to your personal taste. Be honest with yourself about how much time and money you are willing to put into fixing or remodeling. It's important to be realistic about how much time you can live with the bathroom tile or lack of storage before it affects your mood. If it’s something you would want done right away, analyze the economic feasibility and if you’ll have the energy to deal with that after settling into a new house. If you are comfortable with do-it-yourself projects, you may have some wiggle room. If you are planning to remodel,be sure to calculate a loan amount that you can afford along with your new mortgage and stay within that. You don’t want to put yourself under too much financial pressure.
  • Wants: Wants are generally things that can be added as time goes on, such as Jacuzzi tubs, fire pits, and back decks. They are something that your dream home has but you have been living without and can go a little longer. If the house has zero wants you may want to move on, but if it scores high in the deal breaker and need category, decide how long you can wait for some of the things on the list.
Reduce anxiety and be ready to invest in your next home in Holly Hills by being clear about what is on your list and what percentage a home must fulfill to be considered for purchase. HUD has a free download of a homebuyer checklist to get you started. Once you’ve completed your list, share it with your realtor; it will help them to better understand what you are looking for. Contact the experts at Elevation Realty; we make sure we are available to you without bounds.  Our goal is to provide you with the most reliable and up-to-date information to make the best decisions for you, your family, and your budget.