Best Practices for Buying in a Hot Market (like Denver/Colo Spgs)

[Erin Spradlin]

As Denver has just been rated the hardest place for a first time home buyer, I've started a list of things that I think help our clients, but am interested in what other BP agents and people have to add to help make it easier for first time home buyers.

• Write a strong offer letter that's personalized to the place and makes you seem like someone the seller wants to help out
• If you know the owner still lives in the place, consider mailing your letter so that it stands out from email
• Make your offer as close to cash as possible - this is possible if you go further into the lending process than just getting pre-qualified
• Consider a market that's still appealing, but less expensive and up and coming (aka, talking to you Colorado Springs)
• Go with a local lender- local lenders return phone calls, work off hours and know contacts in the area- they can make the seller's life (and their agent's life) much easier
• Be as flexible as possible with your time. The sooner you can go, the better. You stand a better chance if you get there first. 
• Get a serious agent. In times like this, it's really important to work with someone who has closed multiple deals (at least ten), has contacts locally and is motivated by the need to eat. Because the inventory is so low, you really need someone that has the time and attention to dedicate to your home search. 

What are your tips and tricks for helping first time home buyers in a tight market?