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How to Avoid Getting Burned (and Burned Out) When House Hunting in Denver

By U.S. News & World Report

In Denver’s real estate market, low inventory and high prices have created a fast-paced, unpredictable market that can make the house hunting process daunting. As a result, homebuyers are faced with an unprecedented set of challenges.

“It’s always a bit of a shock when you start the house-hunt process,” says Conrad Steller, a broker for Keller Williams Realty and The Steller Group. “Until you’re actually out there looking for a home, you can’t really know what it’s going to be like.”

[Read: 5 Up-and-Coming Neighborhoods in Denver to Look for a Home.]

Instead of excitement about the process and possibilities, many homebuyers are left with feelings of exhaustion, frustration and defeat. Those who have been searching for months with no success — or who have had a string of unsuccessful contracts — often feel the need to take a break or quit looking altogether.

“When people feel beaten down and have no focus on their process, they get scattered and overwhelmed and make bad decisions,” Steller observes.

However, a lot of stress and frustration can be prevented with a little planning and patience. Here, some of Denver’s top real estate agents as identified by OpenHouse Realty, a real estate data company (and a U.S. News partner), offer advice on how to avoid getting burned out before you find your dream home.

Do your due diligence. The first step to buying a home in Denver is to get educated and organized. Get financing in order, research neighborhoods and make a list of priorities.

“Much of the stress and anxiety can be managed through proper preparation,” says Adam Moore, a real estate broker with Mile Hi Modern and LIV Sotheby’s International Realty. “Individuals should define realistic expectations for themselves. The homebuying process is highly personal and only the buyer can decide what makes them happy.”

[Read: A First-Time Buyer’s Guide to Denver’s Cherry Creek Neighborhood.]

Hire a good real estate agent. In any market, teaming up with a good real estate agent is invaluable. With the current market conditions in Denver, having the help of a savvy broker is crucial.

“It is imperative that they hire a professional, competent broker,” Moore advises. “Both buyers and sellers need someone who can calmly usher them through the process.”

Selecting the best real estate agent for you is a bit like dating. They need to be qualified and have the experience you’re looking for, but you also need to like their personality and be comfortable spending a lot of time with them. Buying a home is an emotional process, and finding a real estate agent you can trust will certainly make things easier when the going gets tough.

A good agent will not only have strong knowledge, experience and referrals in the market, but also an understanding of the confusion, pressure, excitement and disappointment buyers often go through while searching for a home, and can help his or her clients navigate these emotional highs and lows.

“You project your energy onto your clients, so you have to have patience,” explains Deviree Vallejo, a real estate agent with Kentwood City Properties. “I am their trusted professional, so I have to focus on the positive.”

Manage expectations. Understanding what is possible in this aggressive market will lower the pressure you put on yourself. Talk to your tagent about what is possible, and be open to their suggestions and advice.

“It’s super important to set realistic expectations,” Vallejo says. “I tell them the moment we sit down that this is not going to be an easy process.”

Understand that the dream home you’re imagining may not be available in your preferred neighborhood or in your price range. By keeping an open mind and honest perception of current market conditions, you will be more prepared to handle obstacles if they appear.

[Read: How to Get the Best Price on a Downtown Denver Condo.]

Practice patience and positivity. A big contributor to buyer burnout is impatience. “There is a higher percentage than normal of people walking out on contracts because they’re so rushed, which is something we try to avoid because that will lead to burnout,” says Jeff Plous, a real estate agent with ONE Realty. “We try to keep them patient, keep them focused.”

Plous says this panicky buyer mindset is due to a variety of factors. Some buyers don’t know what they really want because they haven’t actually looked at enough houses; some are worried about wasting their agent’s time. Some automatically assume every house they see is going to end up in a multiple-offer situation, leading them to be fearful and defensive from the start.

“[Buyers] get worn out and then they make bad decisions,” Steller explains. “We try to tell them not to settle if it doesn’t really meet their needs and instead focus on finding the right house, not just any house.”

In addition to patience, it’s important for homebuyers to maintain a positive attitude.

“This is supposed to be fun,” Plous says. “Yes it’s stressful, but it’s exciting. Try to enjoy the process a little bit. Every failed home offer should be a learning experience.”

Looking for a real estate agent in Denver? Our Find an Agent tool can match you to the person who’s most qualified for the job.

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How to Avoid Getting Burned (and Burned Out) When House Hunting in Denver originally appeared on usnews.com

Don’t Settle for Student Loans to Pay for Online Education

By WTOP Staff
Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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