The Market for 2022
I may sound like a broken record…
Here we are in 2022. And many of our clients have asked us how we think the market will be in 2022….
Today’s market is defined by an intense sense of urgency felt by buyers and buyers’ agents. Compared to last year, inventory is lower, demand is greater, and interest rates are rising.
I cannot emphasize enough how important it is to be prepared if you are purchasing a property in Breckenridge or other areas in Summit county to have everything lined up and ready to go.
- Cash is king (usually).
- If you are getting a loan a local lender will feel less of a risk to the seller.
- Get a Pre-Qualification Letter before hand so that we can present it with the offer.
- Quick closing, or put in a clause that gives the seller some choice on the closing date.
- Offer above asking price and have an escalation clause (I will blog on what that is next).
- Make the offer clean, in other words don’t put a lot of pressure on the seller. An example: leave off something small like ‘carpets to be professionally cleaned’.
- Seller can rent back after closing if needed
- Offering higher amounts of earnest money (normally 2%) will show the seller you are less apt to walk away from a deal with lots of money on the table and the risk of losing it if you don’t perform as contract dictates.
- Another option is to state that earnest money goes “hard” after all contingencies are met. This shows, again, you are a serious buyer.
- If you are buying investment property in Breckenridge the seller may have rentals on the books at the time of closing. Be flexible on those as far as closing after the bookings or letting seller keep what is on the books already, etc.
There are many tricks to make an offering that is appealing to seller. Roger and Teresa Moen, with eXp Realty have been doing this for 25 years. We are in a new world as I have said before, so we have to forget everything we thought we knew about buying and selling real estate in Breckenridge (which I know is difficult). We, Roger and Teresa Moen, have had to change with the times. We wouldn’t ask you to do what we are not willing to do ourselves.
