If you’ve been keeping an eye on our Arizona real estate market these past few years, then you already know that there have been very few homes for sale recently. This can be frustrating for people on the hunt for the perfect home, but don’t despair: It is possible to find the right property even in today’s low-inventory market.
Here are five simple tips that will help you do so:
1. Determine your budget and stick to it. Before you even start your search, you need to connect with a lender to figure out what you can afford. Then, once you have this information, you should keep your search limited within that price range. It’s also important not to overextend yourself if you get caught up in a bidding war. Low inventory means high competition among buyers, but this doesn’t mean you should strain your bank account to win a particular home.
2. Separate your wants and needs. Sure, having all-granite countertops would be nice, but is this feature more important than having enough space for you and your family to live comfortably? There are certain criteria, like location, that you shouldn’t have to budge on during your search. Aesthetic features, though, are another story. Every buyer has a list of things they’re looking for in a home, but to find a great property in a low-inventory market, you may need to let a few of your less-pressing preferences go. The good news is that these “wants” can easily be added to your new home after you move in.
3. Be prepared to act quickly. A low-inventory market is a fast-moving market, so buyers looking to secure a home can’t afford to take a leisurely pace. Get pre-qualified with your lender before you do anything else so that you can submit offers without hesitation once you do start looking at homes.
4. Bid competitively. Chances are that if you’re interested in a certain home, another buyer will be, as well. Therefore, make your highest and best offer from the start. Eliminating as many contingencies as possible may also help sway a seller in your favor.
5. Work with a professional Realtor. This step is one of the most important on this list. Having an agent with extensive experience, knowledge, and resources on your side could make or break your home purchase. You can probably imagine what a difference it can make to have someone who has been through the home purchase process countless times advocating for you.
As always, if you have any other questions, would like more information, or are curious about how the Living48 AZ Real Estate Team can help you with your real estate goals, feel free to give us a call or send us an email. We look forward to hearing from you soon.