Home Maintenance • March 8, 2024

4 Things You Need to Do After Buying a Home

by Stacie Duffy

You’ve just closed on your dream home – congratulations! Now that the keys are in your hands, it’s time to ensure your new investment is secure and well-maintained. In this blog post, we’ll break down the top four things you need to do immediately after purchasing a single-family or detached home. These steps are crucial for your safety, property protection, and peace of mind.

1. Change the Locks
It’s a common saying, but how often do we overlook the simple act of changing locks? In the hustle and bustle of moving, it’s easy to forget this crucial step. Whether your new home was vacant, a rental, or on the market for an extended period, changing locks is a must. Consider upgrading to smart locks for added convenience and security. If your agent doesn’t offer a rekeying service, check if it’s included in your home warranty or explore DIY options. Remember, securing your property begins with controlling who has access to it.

2. Know Your Shut-off Locations
Imagine a plumbing emergency, and you’re frantically searching for the water shutoff. Avoid such scenarios by familiarizing yourself with the location of essential shutoffs – water, gas, breaker box, and any subpanels. Label them for quick identification, and ensure everyone in your household knows their whereabouts. If your property has unique features like multiple buildings, tailor your knowledge to fit those specifics.

3. Address Lingering Inspection Items
Even with a property inspection, there might be minor issues that escape immediate attention. Leaky sinks, exposed electrical concerns, or other minor flaws can lead to significant problems if ignored. Treat your inspection report as a to-do list, and schedule necessary repairs promptly. Whether you hire professionals or embrace a bit of DIY, tackling these items early ensures a smooth transition into your new home.

4. Invest in Water Sensors
Water damage is a homeowner’s nightmare, but you can stay ahead with water sensors. Place these affordable devices strategically – under sinks, near water heaters, sump pits, and mechanical rooms. Loud alarms signal the presence of water, prompting immediate action. Additionally, consider silicone tray mats under sinks to protect cabinets from potential leaks. These preventive measures are a small investment compared to the potential cost of water-related damages.

Don’t underestimate the importance of these actions; they are your best defense against unforeseen issues. If you found this guide helpful, consider giving it a thumbs up and sharing it with others. For those looking to buy or sell in the Denver Metro area, I’m here to help. Contact me at 720-295-9089 or book a Home Buyer Consultation at www.calendly.com/RealtorStacie.

Ready to Take Action?

Affiliate Disclaimer: This post may contain affiliate links. If you make a purchase through these links, I may earn a small commission at no extra cost to you.

Top 6 Things To Do To Get Your Home Ready To Sell

by Stacie Duffy

If you’re gearing up to sell your home in the South Denver Metro area, there are six crucial steps you should consider. We’ll break down the key tasks that can significantly enhance your home’s appeal, attracting potential buyers and maximizing your proceeds.

1. Fix the Essentials

The first step is addressing major mechanical or functional issues. Ensure your roof is in good condition, the HVAC system works properly, the water heater is functional, and there are no plumbing or electrical issues. Don’t waste money on unnecessary fixes—consult with your realtor early to identify high-impact areas that require attention.
Address the handyman honeydew list, tackling minor issues like broken switch plates or doors that don’t close completely. Buyers often operate on a rule of threes—if they notice three or more issues, they might think the entire house needs work. Stay ahead by tidying up these small imperfections.

2. Prioritize Cleaning for High ROI

Cleaning is the highest return-on-investment (ROI) activity when selling a home. Scrub every nook and cranny, paying attention to often-overlooked areas like window tracks and the backs of doors. A clean home signals to buyers that the property has been well-maintained. Invest in products like Odoban to eliminate odors, and wash curtains to freshen up the living spaces.

3. Paint to Freshen Up

A fresh coat of paint, both interior and exterior, can work wonders. Stick to neutral tones like Sherwin Williams Agreeable Gray for a modern and inviting look. Remember, it’s not just about color; matching the finish is equally crucial to avoid a mismatched appearance.

4. Flooring Matters

Flooring plays a vital role in a home’s appeal. Consider luxury vinyl plank (LVP) flooring for its durability, easy maintenance, and high ROI. Carpet is suitable for specific areas, like stairs, but keep it clean and in good condition. Ensure your flooring doesn’t become a deal-breaker for potential buyers.

5. Illuminate with Purpose

Invest in quality lighting to enhance your home’s ambiance. Replace outdated fixtures with color-adjustable lighting to create a cohesive look throughout the property. Matching finishes in lighting fixtures contribute to a modern and updated feel, providing a high ROI with a relatively low investment.

6. Upgrade Hardware and Plumbing

Take your home’s appeal to the next level by updating hardware and plumbing fixtures. Modern doorknobs, hinges, bathroom, and kitchen faucets can significantly enhance the overall impression of your property. This DIY-friendly upgrade is cost-effective and delivers a substantial return.

Ready to kickstart the process of selling your home? Book a Home Seller Consultation with Stacie Visit www.calendly.com/RealtorStacie or call 720-295-9089. Get expert advice on preparing your home for sale and make informed decisions that will boost your property’s market value.

Ready to Take Action?

Affiliate Disclaimer: This post may contain affiliate links. If you make a purchase through these links, I may earn a small commission at no extra cost to you.

Staging Tips • March 5, 2024

THE BEST Home Staging Items From ROSS

by Stacie Duffy

I want to spill the beans on my favorite home staging items that won’t break the bank, and yes, they are all from Ross. Check out my video on Ross staging finds here!

Before we dive into the goodies, let me spill a little secret – Ross is my staging paradise. Better prices than HomeGoods and a selection that keeps me coming back. Now, let’s get into the nitty-gritty of my top picks.

1. Lamps: Shedding Light on Style

My absolute favorite – lamps. I’m a self-proclaimed lamp junkie, and for good reason. Lamps, especially when strategically placed, add warmth, homeliness, and a touch of luxury. At Ross, you can snag pairs of lamps at a fraction of the cost you’d find elsewhere. Aim for taller lamps, at least 27 inches or more, to make a real impact. And trust me, you won’t have to break the bank – we’re talking $30-$40 per lamp. Find out more about the lamp magic here!

2. Wall Art: Making a Statement

Large artwork can transform a space, and Ross is a treasure trove for budget-friendly pieces. Opt for canvases over framed art for an easy match with any home’s style. I’m talking about statement pieces, poster size or larger, ranging from $40-$60.

3. Curtains: Framing Elegance

Ross takes the cake for curtain deals. Grommet curtains are my go-to, and Ross offers sets at unbeatable prices. While selection varies, you might score a set of four matching curtains for as low as $25.

4. Bedding: Set the Stage

For a well-staged bedroom, bedding is key. Ross has great deals on bed-in-a-bag sets, perfect for staging. Twin sets for kids’ rooms can be as low as $15-$25, offering comforters, shams, and sometimes even bed skirts. Check out my Staging A Fake Bed for more insights.

5. Throw Pillows: Affordable Accents

Add the finishing touch with throw pillows, and Ross won’t disappoint. At $10 a piece or $20 for a set of two, these accent pieces can elevate the overall look. Remember, cohesion is key – check out my video on Cohesive Staging for pro tips.

6. Rugs: A Touch of Comfort

Rugs play a pivotal role in staging, and Ross has you covered for all types. From entryway rugs to indoor/outdoor and area rugs, you’ll find affordable options. Larger entryway rugs make a statement and keep the space clean. Budget around $8-$12 for most rugs.

Remember, staging is like adding frosting and sprinkles to a cake – it makes your space feel ready to live in without the wear and tear. If you’re considering selling your home in the Denver Metro area, I’d love to chat with you. Book a Home Seller Consultation with me at Calendly/RealtorStacie or call 720-295-9089. Let’s make your home stand out!

Ready to Take Action?

Affiliate Disclaimer: This post may contain affiliate links. If you make a purchase through these links, I may earn a small commission at no extra cost to you.

Market Updates • February 4, 2024

February 2024 Denver Housing Market Update

by Stacie Duffy

Despite the snowy scene outside today, I’ve got some hot-off-the-press updates on the Denver housing market. If you prefer visuals, catch the full scoop in my video:

Not surprisingly, the market is already heating up, albeit faster than even I expected. Traditionally, January prices tends to be a bit on the chill side and set the low for the year, but not this year. January closings and December shoppers have set a different tone. For January Closings, the median residential price was $565,000 up from the $550,000 in December. The year started with a bang as buyers hit the market earlier than normal in mid December, contrary to the usual mid January kick-off.

Let’s dive into the numbers. Our focus is the 7-county Denver Metro area which includes: Denver, Douglas, Jefferson, Adams, Arapahoe, Broomfield, and Elbert counties. January’s data, influenced by late December’s shoppers, sets the tone for the upcoming month. The average price saw a slight increase, defying the typical January dip.

Key Market Indicators

New Listings Took Off
December saw ~1600 new listings, but January jumped to over 3100. Almost double the listings in just one month! This surge indicates a proactive move by sellers, willing to let go of those Golden Handcuffs.
Active Listings Dwindle
Despite the influx of new listings, active listings still decreased. This scarcity emphasizes the intense demand picking up, and that the Buyers are getting out early this year.
Seller Mindset Shift
What’s causing this demand-supply gap? Homeowners are reevaluating their stance. Many, previously reluctant to move due to low mortgage rates, are now reconsidering. With rates in the 5’s to 6’s, the prospect of maintaining a similar monthly cost is enticing.

The Shift in Market Dynamics

The shift is palpable. Despite a considerable increase in new listings, the inventory is struggling to keep up with buyer demand. This echoes the trend observed in 2021 and 2022 but with a new twist. Buyers are out in force, but we’re not in the realm of the frenzied bidding wars we experienced in previous years, not yet anyway.

Seller’s Advantage

Interestingly, January marked the fewest closings since 2011 in the Denver Metro market. This scarcity might seem surprising given the heightened market activity the last 5 years, but it highlights the lack of available properties for eager buyers.

Looking Ahead: Predictions and Strategies

As we approach spring, the market is poised to become more aggressive. While bidding situations are expected, I’m not anticipating a return to the extreme conditions of 2021 and 2022, as the buying power and affordability just aren’t there anymore. Buyers are eager, having been pent up due to various factors, but the market seems to be easily “healthy and aggressive”. At least it’s not the medieval blood bats of the past, not yet anyway.

Strategic Recommendations for Buyers and Sellers

For Buyers looking for choices and very specific homes, the time is now through June. Avoid the potential competition in March, April, and May by getting ahead in the game and making sure you are prepared when the RIGHT place comes around. However, for those not in the financial position to compete, Q3 or Q4 might be a strategic plan to sidestep intense bidding wars. With an upcoming election this fall, I expect Q4 to be awfully slow and a solid opportunity to negotiate.

For Sellers, the window is opening. March, April, and May are optimal months to list If you’re looking for top dollar and a fast sale, and I’ve got some available slots for those ready to make a move. Have a place that needs a lot of work? Investors are always looking for an opportunity in the Denver market, and I have a list of quite a few that would love to make an offer.

If you’re in the South Denver Metro area and looking to buy, sell, or do both, let’s chat. Book a consultation now at a time that works for you or call me at 720-295-9089.

As always, thanks for your time and please feel free to share this with anyone you think may find it helpful. 🙂

Right-Sizing • Seller Tips • December 27, 2023

Does your home still fit your needs? Retiring Soon? It may finally be time to Move…

by Stacie Duffy

retired couple working on gardening project around their home

If you’re thinking about retirement or have already retired this year, it’s a good time to consider if your current house is still a good fit for the next chapter in your life.

Fortunately, you may be in a better position to make a move than you realize. Here are a few things to think about as you decide whether or not to sell and make a move.

How Long You’ve Been in Your Home

From 1985 to 2008, the average length of time homeowners typically stayed in their homes was only six years. But according to the National Association of Realtors (NAR), that number is rising today, meaning many homeowners are living in their houses even longer (see graph below):

When you live in a home for a significant period of time, it’s natural for you to experience a number of changes in your life while you’re in that house. As those life changes and milestones happen, your needs may change. And if your current home no longer meets them, you may have better options waiting for you.

How Much Equity You’ve Gained

Additionally, if you’ve been in your house for more than a few years, you’ve likely built-up significant equity that can fuel your next move. That’s because the longer you’ve been in your house, the more likely it’s grown in value due to home price appreciation. Data from the Federal Housing Finance Agency (FHFA) illustrates that point (see graph below):

While home price growth varies by state and local area, the national average shows the typical homeowner who’s been in their house for five years saw it increase in value by nearly 60%. And the average homeowner who’s owned their home since 1991 saw it more than triple in value over that time.

Consider Your Retirement Goals

Whether you’re looking to downsize, relocate to a dream destination, or simply be closer to loved ones, your home equity can be a key to realizing your homeownership goals. NAR shares that for recent home sellers, the primary reason to move was to be closer to loved ones.

Whatever your home goals are, a trusted real estate agent can work with you to find the best option. They’ll help you sell your current house and guide you through buying the home that’s right for your lifestyle today.

Bottom Line

Retirement can bring about major changes in your life, including what you need from your home. Let’s connect to explore the available homes in our area.

Building Wealth with Real Estate • December 14, 2023

Who REALLY Owns all of the Single Family Rental Homes?

by Stacie Duffy

If you’re thinking about buying a home, you may find yourself interested in the latest real estate headlines so you can have a pulse on all of the things that could impact your decision. If that’s the case, you’ve probably heard mention of investors, and wondered how they’re impacting the housing market right now. That could leave you asking yourself questions like:

How many homes do investors own?
Are institutional investors, like large Wall Street Firms, really buying up so many homes that the average person can’t find one?

To answer those questions, here’s the real story of what’s happening based on the data.

Let’s start with establishing how many single-family homes (SFHs) there are and what portion of those are rentals owned by investors. According to SFR Investor, which studies the single-family rental market in the United States, there are eighty-two million single-family homes in this country. But how many of them are actually rentals?

According to data shared in a recent post, sixty-eight million (82.93%) of those homes are owner-occupied – meaning the person who owns the home lives in it. If you subtract that sixty-eight million from the total number of single-family homes (82 million), that leaves just about fourteen million homes left that are single-family rentals (SFRs).

Do institutional investors own all of those remaining fourteen million homes? Not even close. Let’s take it one step further. There are four categories of investors:

The mom & pop investor who owns between 1-9 SFRs
The regional investor who owns between 10-99 SFRs
Smaller national investor who owns between 100-999 SFRs
The institutional investor who owns over 1,000 SFRs

These categories show that not all investors are large institutional investors. To help convey that even more clearly, here are the percentages of rental homes owned by each type of investor (see chart below):

As you can see in the chart, despite what the news and social media would have you believe, the green shows the vast majority are not owned by large institutional investors. Instead, most are owned by small mom & pop investors, like your friends and neighbors.

What’s actually happening is, that there are people out there, just like you, who believe in homeownership, and they view buying a home (or a second home) as an investment. Maybe they saw an opportunity to buy a second home over the last few years to use it as a rental and generate additional income. Or maybe they just decided to keep their first house rather than sell it when they moved up.

So, don’t believe everything you read or hear about institutional investors. They aren’t buying up all the homes and making it impossible for the average person to buy. That’s just not what the numbers show. Institutional investors are actually the smallest piece of the pie chart.

Bottom Line

While it’s true that institutional investors are a player in the single-family rental marketplace, they’re not buying up all of the houses on the market. If you have other questions about things you’re hearing about the housing market, let’s connect so you have an expert to give you the context you need.

Home Maintenance • November 30, 2023

Protect Your Floors for Less Than $2 : Hardwood Floors Tip

by Stacie Duffy

Felt Pads Package options - Product from Dollar Tree

Before you host that big holiday dinner, let’s talk about protecting your floors. You wouldn’t want a scratched hardwood floor causing chaos at the family table, right? Well, worry not! Here’s a quick and budget-friendly solution that every homeowner should know.

Ever noticed those felt pads on the bottom of your chairs? They’re lifesavers and they are at Dollar Tree! Before your holiday gathering, take a moment to inspect them. Over time, they can wear down or go missing, leaving your floors vulnerable to scratches. After all, who needs more family drama during the festive season?

But here’s the real pro-tip: these little felt pads have uses beyond just chairs. Let me share some extra spots you might not have thought of.

Between Furniture and Baseboards:
Especially important if you have dressers or kids’ beds against the walls. Place felt pads on the back of the furniture to cushion against the baseboard. No more worrying about knarly scratches!
Under Vases and Decor:
Wood tables are beautiful, but they can be easily scratched. Put felt pads under vases, lamps or anything decorative sitting on your tables. This way, even if things get moved around during family gatherings, your table’s finish stays intact.
Cabinet Soft Close:
If your cabinets don’t have soft close hinges, worry not. Stick small felt pads on the doors to prevent that annoying clunking sound. It’s a simple fix that adds a touch of peace to your daily life.
Closet Doors That Slide:
Got closet doors that slide? A couple of well-placed felt pads can make all the difference. No more noisy door encounters, or kids clanking doors closed too hard.

These felt pads are like the unsung heroes of home maintenance. They’re cheap, versatile, and can save you from costly floor repairs. Now, let’s talk about where to get them.

Dollar Tree Felt Pads

Yep! Pick them up at your local Dollar Tree. Or order a crap-ton of them like I do and mail them to people, but I’m that weirdo Realtor lady that sends stuff in the mail…

Hate your floors, layout, and need a place that serves your current season of life better? Schedule a Home Consultation with me. Whether you’re dealing with how to update your floors or just want more personalized homeowner tips, I’m here to help with all things home. Reach out at www.calendly.com/RealtorStacie or give me a call at 720-295-9089.

So, there you have it—simple, effective, and budget-friendly tips to protect your floors. Say goodbye to floor scratches (and grudges against visiting family members for permanent damage to your home)!

Saving Money • November 21, 2023

Common HOA Closing Costs in Denver: What You Need to Know

by Stacie Duffy

Stacie pointing to a stack of paperwork with the caption "they can cost you $300 - $1000! Negotiate them upfront.

Are you considering buying or selling a home in the Denver Metro area? If so, it’s crucial to be aware of the often overlooked Homeowners Association (HOA) closing costs that can significantly impact your budget. Let’s break down these costs and shed light on the key fees associated with the resale process. If you prefer a video format, watch my detailed explanation here:

Understanding Common HOA Closing Costs

When it comes to HOA closing costs, there’s a lot more than meets the eye. These fees, which can range from a few hundred to several thousand dollars, might catch you by surprise if you’re not prepared.

1. Community Documents (Docs Fee)

One common fee is what I like to call the “docs fee” or documents fee. The HOA charges the seller to provide a package of all the HOA documents to the buyer. However, here’s a money-saving tip: sellers have the right to obtain these documents directly from the HOA without incurring extra charges through third parties. This can save you anywhere from $150 to $300. So, take control, go online to your HOA portal, and download all the necessary documents to fulfill your contractual obligations.

2. Status Letter Fee

The Status Letter Fee is an administrative cost charged by the HOA or management company. It confirms that the seller has paid all dues and outlines the financial obligations for both the buyer and seller. Depending on the urgency, rush fees might apply. The good news is, you can negotiate who pays this fee in the original offer – the buyer, seller, or a split arrangement.

3. Third-Party Fees and Rush Fees

Sometimes, title companies order HOA documents through third parties, leading to additional fees, especially if there’s a rush to close the deal. Watch out for these, as they can vary and nickel and dime your closing costs.

4. Transfer Fee

Also known as a Record Change or New Owner fee, the transfer fee covers the administrative process of updating ownership records within the HOA. Like the status letter fee, you can negotiate who bears this cost in the upfront purchase contract, depending on your contract choices.

5. Working Capital

While not a direct “fee”, some HOAs charge working capital to bolster their reserves for major expenses. Sellers and buyers should be aware of whether this is refundable and how it might affect closing costs. It will be on the Status Letter but sometimes that doesn’t come in until a few days prior to Closing. Check the HOA Covenants, Rules, and Regulations (CCR’s), it will likely be stated in there if there is one, how much, and if it is refunded to you at the time of sale.

6. Amenities Access Fee

Certain HOAs charge fees for amenities access, such as pool cards or gate fobs. While usually conveyed from the seller to the buyer, some HOAs charge new owners upfront for these items.

7. Condo Certificate Fee

For buyers considering condos, a condo certificate fee might apply. This fee covers the lender’s request for information from the HOA to ensure and prevent potential issues that could lead to a buyer defaulting on their mortgage. This fee is usually not negotiable, as it falls under loan origination charges. Keep an eye on your closing statement to understand the impact on your overall costs.

Saving Money on HOA Closing Costs

Understanding these common HOA closing costs is essential when navigating the resale process in the Denver Metro area. Whether you’re a buyer or a seller, being aware of these fees allows you to make informed decisions and easily save hundreds, potentially $1,000 or more!

Paying attention to the details in your offer is crucial! Depending on how your offer is structured and negotiated, you can influence who bears the cost of NEARLY ALL of these fees. Adequate communication with your real estate agent and understanding the implications of each choice can make a significant difference in your closing costs. Just another reason to INTERVIEW AGENTS and hire one that knows how to advocate for you.

If you’re in the South Denver area and looking for detailed guidance on HOA closing costs or assistance with buying or selling a home, I’m here to help. Book a Consultation with me or call 720-295-9089. I’m passionate about ensuring people understand the intricacies of the real estate process, especially when it comes to fees that can impact your bottom line.

Navigating HOA closing costs in the Denver Metro area requires awareness and proactive decision-making. By understanding the common fees associated with the resale process, you can make informed choices that align with your financial goals. Don’t let unexpected fees catch you off guard – take control of the process, save money where you can, and make your home buying or selling experience a smoother journey.

Ready to Take Action?

If you found this information helpful, check out my YouTube Channel or other blog posts for more tips, and feel free to reach out if you have any questions.

Staging Tips • August 1, 2023

Fast and Cheap DIY Bay Window Curtains – Home Staging Tip to Increase your Home’s Value

by Stacie Duffy

Master bedroom with Large Bay window and beautiful Floor to Ceiling Curtains

Today, I’m sharing a quick and budget-friendly DIY tip for anyone looking to increase their home value through staging, especially if you’re in the Denver Metro area. If you’re considering selling your home, you know that first impressions matter. So, let’s talk about the impact of curtains on your staging game.

Before we dive into the details, let me emphasize the importance of curtains in staging! I recently helped a Seller sell their home that got an offer quickly for much more than they expected to sell it for thanks to professional staging. However, I noticed that curtains are often overlooked by professional stagers! In this large, nearly 5,000 square foot house, curtains made a massive difference, especially in areas like bay windows.

Why Curtains Matter: Bay windows are beautiful, but without curtains, they might feel a bit bare. Curtains not only add a touch of elegance but also draw attention to the window, making the space feel cozier. In this master suite, the south-facing bay windows were begging for some attention.

Now, you might be thinking, “Curtains are expensive, especially for bay windows.” Fear not! I’ve got a budget-friendly solution that won’t break the bank.

Affordable DIY Bay Window Curtains: First things first, head over to Amazon. You can find a bay window curtain set for as low as $25. For those in a time crunch, Ikea is your friend. I recently covered an entire bay window for just $60 using Ikea curtains.

When choosing curtain length, go for 96-inch curtains for standard eight-foot ceilings. I found these at Ross, TJ Maxx, and of course, Amazon. If you can’t find the exact size, it’s okay to go taller and hem them later.

Now, let’s break down the cost. I spent about $42 on four panels of curtains and $6 on a larger diameter curtain rod from Ikea. Remember, investing a bit more in a larger rod makes a significant difference in appearance. For the brackets, I used six at $1 each. Always opt for grommet curtains – they help hide the brackets seamlessly.

Pro tip: Even if your curtain rods and brackets are mismatched, you can make it work. I mixed black brackets with silver rods, and it turned out great. Remember, it’s about the impact, not perfection.

Installation Tips: When hanging curtains, open them up and hang them from the very top. This ensures they drape nicely without the need for hemming. Hang them closer to the ceiling, not right above the window, for an elongated and polished look.

To make installation smoother, create a template using the cardboard that comes with Ikea brackets. Mark your holes, drill, and install all brackets at once. This way, hanging the curtains becomes a breeze.

The Final Touch: Now, let’s talk about the overall impact. Curtains, combined with affordable accessories, can transform a room. I found a duvet cover on Amazon for $50, and simple white linens brightened up the space. The goal is to create a warm, hotel-like atmosphere.

In larger windows, like these bay windows, curtains soften the room, making it feel finished and inviting. It’s a small investment with a high return on investment (ROI) when it comes to staging your home.

Conclusion: So there you have it – a simple, cost-effective way to enhance your home’s appeal through DIY bay window curtains. Whether you’re considering professional staging or going the DIY route, curtains should be on your checklist. They add value, warmth, and that finishing touch your potential buyers will love.

Curious about how much Staging can help sell your home? Book a Home Seller Consultation with me! Let’s discuss how these DIY tips and more can maximize your property’s potential.
Schedule your consultation now at www.calendly.com/RealtorStacie or call me at 720-295-9089.

Disclaimer: This post may contain affiliate links for your convenience and I may earn a small commission at no extra cost to you. This me to continue bringing you valuable content.

Buyer Help • April 7, 2023

What is a Rent Back or Lease Back? – Multiple Offer Strategy

by Stacie Duffy

Today, I want to tackle a question that comes up often, especially in our fast-paced market: What exactly is a Rent Back or a Lease Back?

This concept becomes crucial for those contemplating selling their homes and worrying about the challenges of finding a new one swiftly, ideally with less stress and a single move. Let’s break down the seller rent-back process and how it can facilitate a single move, allowing you to sell your current home, close the deal, and then seamlessly move into a new one. If you prefer a video explanation, check out my detailed video:

1. Seller Rent-Back Basics

In a nutshell, a seller rent-back, also known as a lease back, is an agreement that allows the seller to remain in their home for a specified period after closing. They RENT it back from the new owner based on agreed price and terms. This arrangement is especially beneficial in a market where finding a new home promptly might pose a challenge. Sellers can close on their current home, pay off the loan, and then take the time to locate and purchase a new home, all with the convenience of a single move.

2. Duration of Rent-Back

The duration of the rent-back period can vary. It might be as short as a couple of days or extend to 30, 60 days, or more. It ultimately depends on the agreement between the seller and the buyer. It’s important to note that most lenders, in the case of a purchase followed by a rent-back, will typically require the new owner to take possession within 60 days of Closing. However, if the transaction involves cash or alternative arrangements, this timeline can certainly be more flexible.

3. Post-Closing Occupancy Agreement in Colorado

In Colorado, we use a Post-Closing Occupancy Agreement to formalize the rent-back arrangement. Your agent can assist you with this short-term lease agreement, specifically designed to cover the period of up to 60 days. If the rent-back extends beyond this timeframe, alternative lease agreements or negotiations with the new buyer may be necessary.

4. Using this as a Competitive Offer Strategy

Something I tell all of my buyers, especially in a bidding situation or a competitive market, is the best thing you can do for a seller is give them time. It’s not always about price, it’s about extra time in an already stressful situation. Very often for buyer clients, I will suggest we consider the sellers’ timeline as much as possible in our offer, and we will VERY often get our offer accepted, over others offering much higher prices, just because we gave the seller some time and didn’t force them to move twice!

Navigating the Process

Understanding the basics of seller rent-backs is crucial when navigating the intricacies of the real estate market in the South Denver Metro area. Whether you’re a seller looking for breathing room to find a new home or a buyer aiming to stand out in a competitive market, the rent-back option can be a game-changer.

Book Your Consultation

If you’re considering selling or buying a home and want more personalized guidance on seller rent-backs or any real estate-related questions, book a consultation with me at Calendly/RealtorStacie or give me a call at 720-295-9089. I’m here to make your real estate journey smoother and stress-free.

A seller rent-back or post-closing occupancy agreement is a valuable tool in the real estate toolkit, providing flexibility and convenience for both sellers and buyers. If you found this information helpful, reach out if you have any questions, and let me know how I can help your move be as smooth as possible.