Colorado is no stranger to seller’s markets. In real estate lingo, this refers to a market where the seller has an advantage that is really a condition of the market itself. It generally happens when a lot of people want to buy properties, there aren’t enough properties available in the inventory to satisfy that demand and, therefore, prices start to go up.
If you’re considering moving to Grand Junction or anywhere on the Western Slope, you might find yourself in a situation where you are one of many parties bidding on the same property. In these situations, it’s vital to have a realtor who understands the art of negotiation and how to make – and when not to make – a deal on a house.
What to Watch For
A good realtor is most interested in getting you into the home you want at a fair price. Not all realtors meet these criteria. Some of them are prone to getting caught up in bidding wars and may actually end up giving their clients less than the best advice.
A good realtor will work with you to determine how far you want to get involved in a bidding war over a property. How you determine the price you are willing to pay is completely up to you. The realtor will give you all the information you need about the market, the value of the house, if it is likely to be more or less valuable in the near future and so forth. They can give you market analyses that can give you great information to work off of.
When you’re working with a realtor in a seller’s market, make sure they are the type of realtor who will let you know when you actually might be able to get more for your money than you would get out of the house that you’re involved in a bidding war over.