Finding a home in Arizona can be quite challenging when the inventory is so low. With interest rates at historically low levels many Buyers are ready to make a move. At this point in time many Sellers are receiving 10 offers within days of putting their home on the market. There are some things a Buyer can do to improve the chance of being the winning offer.
- Get Pre-qualified, a Seller will not even look at an offer from someone that does not have Lender Approval.
- Plan on offering more than the list price.
- Ask your agent to put in an escalation clause up to your comfort level.
- Submit a letter with your offer explaining why you love the Seller's home and a little about yourself/family.
- Make sure you have a Realtor that is well respected in the community of Realtors. (Yes this makes a difference.)
- Don't ask for closing costs.
- Don't send in a contingent offer - sell your home before making a purchase if you need the money from the sale to make a solid offer.
- Ask your Realtor about new home builds. Most Realtors know of spec homes that the Builder has.
Some of the suggestions above are just not possible for some Buyers. If you are one of those Buyers, strategize with your Realtor on the best way to make your offer stand out in spite of some of the above concerns.
Whatever you do, make sure your Realtor has you set up on a search so you can see the homes as soon as they become listed on the market and rush to see the homes as quickly as possible. Also remember, this kind of market will not last forever so don't get discouraged. At some point it will be a Buyer's market again and much easier to get your Dream Home.