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A Good Time to Buy a Home for First Time Homebuyers

Home buying

The Barry and Larry Vestera Real Estate Program Radio show

8:00-9:00 AM | October 02, 2021

On the show:

Barry Miller (Host, and real estate agent with Remax Masters Millennium, Denver, CO)
Kathleen Chiras (Broker/Owner of Skyfor and Association Manager of the National Buyers Agents Association)
Chris Coil (Data analyst with Remax Masters Millennium)

When is a good time to buy a home?

  • Evaluate yourself and circumstances and decide if it’s a good time to buy a home
  • Buyers should build buyer parameters with a strong foundation – make sure you have many of your buyer parameters set into your kind of stone
  • Have a savvy buyers agent
  • Hire an agent who knows the real estate data
  • Always have an inspection done
Home buying

“Do not buy your next home until and unless the benefits of you buying exceeds the benefits of you not buying, or do not buy”

Barry Miller (Host, and real estate agent with Remax Masters Millennium, Denver, CO)

Stay on your comfort level on each of this following items:

  • Price – Know what your comfort price is and do not go a dollar above your price limit
  • The monthly cost for a mortgage, tax, insurance, and HOA if there is any
  • Due diligence or hard money dollars – Determine how high you are willing to go and know what the risk is against yourself
  • Have a comfort area and stay within it on a dollar above the likely appraisal price
  • Date of occupancy 
  • Contingency, minimizations, and/or waivers – It is smarter sometimes in certain areas like inspections
  • You should have a list of items you absolutely must and must not have in the home and on the property
buyer agreement contract

Is it possible to lose a bidding ware if you keep an inspection contingency?

  • In some cases, it is true that you may lose a bidding war if you keep an inspection contingency
  • You can give up your inspection contingency but NEVER give up having an inspection 
  • To keep yourself as a string buyer, make sure you have a good buyer agent. This agent is going to look as experience to know what issues are in the house
  • Buyer agents can ask questions to the seller’s agent and find out how it is
  • Ask for the seller’s property disclosure upfront before you see the home  (a lot of agents provide it on the MLS)
  • When the agent sees the property and it is all clean. Take a home inspector when you take  look at the home THEN WAIVE THE INSPECTION CONTINGENCY
  • Continue to have an inspection to avoid waiving a good buy to nothing and to not create a problem for yourself
  • When you have a good buyers agent, they know how to handle and navigate the ways every buyer can get out of the contract
  • If you wait, it is a guarantee that the prices will be approximately 5 to 8% more if you wait till the springtime of next year
  • Don’t fall into the trap of waiting as if prices are going to come down soon.

Connect with a Top Colorado Buyers Agent now!

Colorado Buyers Agents Association service has been helping consumers for over 20 years throughout Colorado. They match consumers’ wants and needs with the best buyer agents. One of the best things about this service is that it is free. The service is available to consumers 24/7. If you need help to determine if it’s a good time for you to buy a home as a buyer, give us a call, text, or email us, or just fill out the inquiry form for an immediate response. Consumers may visit this page on the Colorado Buyers Agents Association site.