If you’re like many people, you know that the Aspen real estate market is busy – and right now, it’s extremely busy. When there are more buyers than there are homes available, it’s called a seller’s market because conditions are typically more favorable to sellers… but is it possible to get a good deal when sellers have the advantage?
Absolutely! Check out these three ways you can get a good deal in a seller’s market.
3 Ways to Get a Good Deal in a Seller’s Market
Though there are no guarantees in real estate, it’s possible to get a great deal in a seller’s market by preparing yourself. Try:
- Getting preapproved for a mortgage before you start house-hunting
- Including an escalation clause in your offer
- Being flexible when it comes to terms
Here’s a closer look at each.
Tip #1 for Finding a Good Deal in a Seller’s Market: Get Preapproved for a Mortgage
Mortgage preapproval does two big things for you as a buyer: First, it lets you know just how much house you can afford. Second, it shows sellers that you’re a serious (and seriously qualified) buyer who actually has the power to buy their home.
When it’s time to make an offer on a home, you can share your preapproval with the seller (through your respective real estate agents, of course). Most sellers won’t even consider offers from people who aren’t preapproved.
Key Takeaway: Having preapproval lets you search for homes that are truly in your price range, which gives you a head start on finding your dream house. It also shows sellers you’re worth taking their home off the market for.
Tip #2 for Finding a Good Deal in a Seller’s Market: Include an Escalation Clause
In the event that you find yourself in a bidding war over your dream home, an escalation clause makes things a little simpler. This clause says that when someone else bids on the home, your bid automatically goes up enough to beat theirs. Naturally, you set a cap on the highest amount you’re willing to bid for the home; that way, you won’t bid so high that you can no longer afford to buy the space.
Tip #3 for Finding a Good Deal in a Seller’s Market: Be Flexible
Sellers like to work with flexible buyers, so whether you tell them that you’ll buy the house as-is or you adjust your closing date to better meet their needs, you’re more likely to get a great deal on a great home if you’re willing to compromise.
Are You Selling or Buying a Home in Aspen?
If you’re ready to sell your home in Aspen, Woody Creek, Basalt, Carbondale or Snowmass, we may be able to help you.
Get in touch with us right now to find out how much your home is worth – and discover how we’ll be able to help you sell it quickly and for top dollar.
If you’re also looking for a home for sale in Aspen or a nearby community, check out our listings by price:
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