While much of the country will be a seller’s market in 2020, Denver will remain a moderate buyers market. Just because a home is in Denver, doesn’t mean it’s a good investment.
But how do you know if the home you’re investing in will really gain the kind of value over the next year or 10 years that you’re looking for?Here are some of the key questions you need to ask your agent before you close any residential real estate deal.
Would you want to live in this house?
If this question stumps your agent, consider it to be a telling sign that something is amiss. If an agent is excited and authentically impressed by a home, take that as a good sign that you’ve found a gem and a great deal. Of course, most agents will at least pretend to show enthusiasm even if they aren’t really taken with a property if you can’t read the agent ask them what they like most. Ask them if they would want to live here.
Ask about the home’s history.
If a home has a less than attractive sales history, some agents may try to breeze past it to avoid losing your interest. Or, they might not be ultra-specific when getting into the details. A home’s history impacts the value of the home, and if the price you’re paying is “good” or “bad.” Ask if the home was ever a rental. Ask if the home was ever in foreclosure or was ever an expired listing.
Ask about the neighborhood.
To understand if a property is truly a good investment, you’ve got to understand the neighborhood you’re buying in. Ask how the neighborhood has changed over the past decade. Ask what types of businesses are coming to the area. Ask about development projects. Ask about changes in laws and city zoning. Get a good idea of how rent and home prices have fluctuated. A good agent will be happy to share market reports and insights into the local economy.
Can you recommend an expert in the area?
This is a great test to see how well your agent really knows the area. A legitimate real estate agent should have a contact list of go-to home inspectors, contractors, attorneys,and other experts that will help move the sales and decision-making process along, as efficiently as possible.Are you buying, selling or relocating in Denver? Our dedicated team is focused on long-term relationships, not earning a quick dollar. We want all of our clients to feel confident in their deals, and strive to help them make decisions to get the most value out of their move. Click here to learn more about our services, and to get in touch! Anne Dresser Kocur is available on her cell at 303.229.6464 anytime! Give her a call!