For the past couple months, Boulder County has been experiencing a shortage of available homes for sale. The market is seeing homes receiving multiple offers above listing price within the first few days of being listed. We believe there are a couple of "tricks" to be shared for these times when the sellers have the upper hand in the market place:
1. Look for multifamily property. Most people in the market place are looking for your cookie cutter, lot and block single family residence. What might allow you to get into the market and find an opportunity is to look at duplexes, triplexes and fourplexes. The loan amount limits for these properties is higher, you can use proposed rental income from the other units to help you qualify and you can use as little as 3.5% down payment.
2. Look at last year's and two years ago's expired listings. It is quite possible that someone over the last two years tried to sell a piece of real estate and they did not get what they wanted. So they took it off the market and kept it as their primary residence or a rental. These owners may be still thinking of selling if the right offer came along. Putting in a full price offer on their expired listing my be just what that property owner is looking for, and it will be your opportunity to "steal" a listing from the rest of the pool of buyers out there currently looking for homes to buy.
This is just a couple of ideas off the top of my head that can put a buyer into a position to beat the competition and accumulate wealth. That is what we are about at www.FirstAmericanMortgage.net , helping our clients beat their competition and accumulate wealth.