In Denver's real estate market, low inventory and high prices have created a fast-paced, unpredictable market that can make the house hunting process daunting. As a result, homebuyers are faced with an unprecedented set of challenges.
"It's always a bit of a shock when you start the house-hunt process," says Conrad Steller, a broker for Keller Williams Realty and The Steller Group. "Until you're actually out there looking for a home, you can't really know what it's going to be like."
Instead of excitement about the process and possibilities, many homebuyers are left with feelings of exhaustion, frustration and defeat. Those who have been searching for months with no success – or who have had a string of unsuccessful contracts – often feel the need to take a break or quit looking altogether.
"When people feel beaten down and have no focus on their process, they get scattered and overwhelmed and make bad decisions," Steller observes.
However, a lot of stress and frustration can be prevented with a little planning and patience. Here, some of Denver's top real estate agents offer advice on how to avoid getting burned out before you find your dream home.
Do your due diligence. The first step to buying a home in Denver is to get educated and organized. Get financing in order, research neighborhoods and make a list of priorities.
"Much of the stress and anxiety can be managed through proper preparation," says Adam Moore, a real estate broker with Mile Hi Modern and LIV Sotheby's International Realty. "Individuals should define realistic expectations for themselves. The homebuying process is highly personal and only the buyer can decide what makes them happy."
Hire a good real estate agent. In any market, teaming up with a good real estate agent is invaluable. With the current market conditions in Denver, having the help of a savvy broker is crucial.
"It is imperative that they hire a professional, competent broker," Moore advises. "Both buyers and sellers need someone who can calmly usher them through the process."
Selecting the best real estate agent for you is a bit like dating. They need to be qualified and have the experience you're looking for, but you also need to like their personality and be comfortable spending a lot of time with them. Buying a home is an emotional process, and finding a real estate agent you can trust will certainly make things easier when the going gets tough.
A good agent will not only have strong knowledge, experience and referrals in the market, but also an understanding of the confusion, pressure, excitement and disappointment buyers often go through while searching for a home, and can help his or her clients navigate these emotional highs and lows.
"You project your energy onto your clients, so you have to have patience," explains Deviree Vallejo, a real estate agent with Kentwood City Properties. "I am their trusted professional, so I have to focus on the positive."
Manage expectations. Understanding what is possible in this aggressive market will lower the pressure you put on yourself. Talk to your agent about what is possible, and be open to their suggestions and advice.
"It's super important to set realistic expectations," Vallejo says. "I tell them the moment we sit down that this is not going to be an easy process."
Understand that the dream home you're imagining may not be available in your preferred neighborhood or in your price range. By keeping an open mind and honest perception of current market conditions, you will be more prepared to handle obstacles if they appear.
Practice patience and positivity. A big contributor to buyer burnout is impatience. "There is a higher percentage than normal of people walking out on contracts because they're so rushed, which is something we try to avoid because that will lead to burnout," says Jeff Plous, a real estate agent with ONE Realty. "We try to keep them patient, keep them focused."
Plous says this panicky buyer mindset is due to a variety of factors. Some buyers don't know what they really want because they haven't actually looked at enough houses; some are worried about wasting their agent's time. Some automatically assume every house they see is going to end up in a multiple-offer situation, leading them to be fearful and defensive from the start.
"[Buyers] get worn out and then they make bad decisions," Steller explains. "We try to tell them not to settle if it doesn't really meet their needs and instead focus on finding the right house, not just any house."
In addition to patience, it's important for homebuyers to maintain a positive attitude.
"This is supposed to be fun," Plous says. "Yes it's stressful, but it's exciting. Try to enjoy the process a little bit. Every failed home offer should be a learning experience."
Read the entire feature article here.
