Denver Housing Market: How to Position yourself as a Buyer and a Seller
Sharon: Hello, everyone, this is Sharon Heller, and I'm here today with Theresa Hinch from Madison and Company Properties. Good morning, Theresa.
Theresa: Good morning.
Sharon: Thanks for joining me today.
Theresa: Yeah, absolutely. This will be nice and exciting. I'm excited to talk about real estate.
Sharon: Yeah. And there's a lot to talk about these days.
Theresa: A lot to talk about.
Sharon: There is. So, I think a great place to start is, I know there's a lot of buyers out there and there is a lot of action out in the market. So, what are some strategies and important considerations from your side of things that you think is really important for buyers to be aware of in today's climate?
Theresa: Yeah, so today's climate is super interesting and not that we've not experienced it for the last seven years, but I think it's a little more amplified for some reason as we head off 2021. And everybody thought maybe the pandemic was going to slow things down, but it's just added fire to that scenario. So, I think that it's really important for buyers these days to position themselves in the proper way and get some strategy involved. So, what I like to do with my clients is, spend good quality time, maybe an hour and a half visiting with them, talking about how we're going to position and strategize for when we hit this market and go out looking at houses and what can get overwhelming is maybe they don't have all the money or they don't have that purchase power that they can go up against. But there are tools, there are things that we can do to position themselves creatively. And I think that's just looking at their financial capabilities, working with a good lender so we can map that out and then hit the ground running and try. And so some of those strategies might be that, yes, we're having to go above the list price. And what does that mean for if it appraises or not? What does it mean for how well are they going to be able to handle an inspection and take on some issues to not overwhelm the seller and make it appealing to the seller that they are going to be an easy transaction and an easy buyer and then as well, just making sure that we can get to the closing table.
Theresa: That is the one thing the seller wants to know is, if they are going to take you as the buyer, how are we going to get to that table and what are what are we offering to them, whether that's above the list price, can we cover anything with an appraisal? Are we able to give them some flexibility with the post occupancy? And so all of these scenarios are something that I literally will sit down with my buyer and spell out on paper or Zoom call and be able to just educate them and see what best we can work with, with their financial capabilities. And even if it is a tight situation for them, because not all the buyers have that money, and that's what's hard in this market today, is that doesn't mean that there's not a chance that you can win at something out there. There's still success stories. It's just making sure that you're positioned and have all your ducks in a row to then hit that ground and be willing to try it and just go after it. You never know.
Sharon: Right? Right. You know, the word that stood out to me so much of what you just said is strategy.
And I've purchased homes in the past, I for sure did not have that perspective of like, I need a strategy. It was more like I just need to find a house.
Right. And now it's a strategy. For example, one of my clients, he was a chef. So we offered in the contract that he would give a chef like a party for the for the seller at their next home for twelve guests. I mean...
Sharon: That's so awesome.
So unique. We have to think outside the box. That's what I would say.
Sharon: Super creative. And what do you think is an important mindset for a buyer to have, you know, given everything you just said? Maybe one thing that they should be keeping in mind as they go into the process.
Theresa: Patience, I would say, and and just the strong will to know that it can happen, not to be discouraged. That's the one thing it really can get discouraging. But I'm in it for the long haul. And so, you know, if we need to take a break, that's OK, too. But then just dive back in. I mean, the market ebbs and flows, so. Give it a try.
Sharon: Yeah, patience. All right, good. So let's flip to the seller side of things, because I imagine it's equally challenging and complex for sellers in the market today. So, what are some things that sellers really need to be navigating in and keeping in mind?
Theresa: Yeah. So on the seller side, I go in with pricing the home and what the market will dictate. You know, as far as not overdoing it, we're going to let the buyers push that that price point. So,coming up with that right number, so that way it seems appealing for everybody and let them fight over it. I also think it's really important to look at the entire situation as we go into our listing weekend. Are they occupying the house? And that means they might need to go just be out for the entire weekend at a hotel or a getaway or family. The market is so inundated with buyers and no inventory, that, for instance, if you had your home listed for two days, we could have seventy five plus showings back to back to back, and that means no time that they get at their home. But that's what is going to get them, the best price and the best offer. So if they could just get out for that weekend, know that it's going to be wrapped up. And I think for them it's a little easier because they're just waiting to hear all the information from me. On my end, I'm fielding all the calls, I'm fielding all the interest, and I'm trying to navigate and negotiate with all those buyers. How best can they put their offer together for my seller? Does my seller need to stay in the home for two more months to go find a new place? Does my seller need security that they can waive appraisal and or the inspection? Potentially. So I'm working that end for me, which is where the sellers don't always see what the work goes into, that they just need to be somewhere else. That's going to be a little relaxing and wait through the weekend to see how it goes and be ready to pick somebody and take that risk on that that's the right buyer and that's part of the job I help navigate.
Sharon: I'm just I'm still reeling from those seventy five showings, you know, and having more appreciation for the work that you are doing out there.
Theresa: Thank you. Yeah, it's tough. It's a bit exhausting, but I've got a lot of energy so I'm always ready for it.
Sharon: Yeah, well so I'm thinking about as a buyer or a seller, how to approach finding the right realtor. You know, there's so many realtors in Colorado and Denver. I know many, many myself. And how would you suggest somebody like go about that process and finding who's going to be a good fit for them?
Theresa: Yeah. So I believe that that is a gut feeling and or an instinct that anybody should have. And yes, you're right. Pretty much anybody you can come across knows maybe up to five different people that are in the real estate field, whether they're an agent or a realtor. I'm actually a realtor, which does separate from the real estate agent by having ethics and we belong to realtor boards. And so what I like to do is actually just have the chance to sit with people face to face or on a Zoom, get to know my personality, get to know theirs. I end up taking things on a little more personally for all my clients. And I've become friends with a lot of people. So because of that, I want to make sure they're taken care of. I do not mind talking someone out of a scenario or making sure they're protected because I want that investment to truly be something that was the right decision, not an emotional decision. And so therefore, when they are in the home or they come to me in five years and need to sell it, that it's still all a positive experience. And because the market makes you make rash decisions, I just really want to make sure I'm advocating for them. But spending actually time getting to know one another is the fun part for me. I really enjoy being with buyers, I enjoy seeing homes and I enjoy educating them on the entire process. I think it's important to ask questions. I think it's important to actually meet a couple of people and really do find who's going to fit well for you.
Theresa: Are they going to work hard? What are their tools or text that they can bring to the table to get to the right situation? What's their experience? I've tracked over twenty years of experience and then some people would be, well, are you too busy to take me on? And the question there would be, well, what is their situation at their office? How are they set up to be successful for their clients in such a crazy market? And so what I would say is for me, I am a very hands on girl. I definitely work really hard for all my clients and I try and be at everything. But if for some reason I can't, I've got a team that helps my clients navigate this crazy market so that way they can go see a house and it's not a team per se, like some teams that you think about where you might speak to a realtor and then they pass you off to someone else. Nope. You're working with me one hundred percent. And then I just might have one of my colleagues show you the House or show you the ah to just get you in the door. But I'm still taking on all the negotiations and whatnot. So that I think is important as well. That I'm still involved. I'm not passing them off because I kind of want to be a part of all of it.
Sharon: Yeah. Thank you for sharing all those details. And it's such an important relationship because it's such an important life decision. When we're looking at buying a new home or selling our home, so I just know from firsthand experience how important it is to have somebody that I would completely trust, you know, to to walk me through that process, especially right now. So...
Theresa: Especially right now, because I think it's so heightened on how everybody's emotional about it, whether it's the seller or the buyer.
Sharon: Anything you want to say before we wrap up today?
Theresa: Ah no... I just well, I think I just would highlight that I love to go out there and have some fun with my clients. I think it's a great time to buy. Despite the market, the interest rates are amazing and there are opportunities out there. You just got to be willing to take it on. And I'm there to take it on with you.
Sharon: Awesome. And what's the best way for someone to reach out to you, Theresa?
Theresa: Yeah. So I work at Madison and Company. You can go to our website at madisonprops.com or my direct phone number and cell phone. You can call or text at 303-947-5346.
Sharon: Great. Thank you. It's great talking to you today.
Theresa: You too, Sharon. Thank you so much.
Sharon: Take care. Bye bye.