Phoenix real estate inventory is low and demand is high, making this a highly competitive seller’s market. Buyers need to have their ducks in a row and ready to make a move before they even think about making an offer. We’ve listed a few tips to increase your chances of landing that new home.
- Have a strong pre-approval from a reputable lender. Your agent works with lenders every day. If they express a concern with a lender you’re pre-approved by, hear them out. In today’s competitive Phoenix real estate market – where inventory is low and sellers are in control – you need to be pre-qualified and ready to go. The further along you are in the approval process, the more attractive you’ll be to sellers, which increases your chances of landing that dream home.
- Have your earnest deposit funds readily available. Earnest money is a deposit you make as a buyer to the seller when your offer is made. This shows your good faith in the arrangement and that you’re serious about buying the home. Not having the ability to make your earnest deposit immediately could cause a seller concern about your ability to close.
- Shop slightly below your maximum comfort price. This frees you up to offer over asking price, which is powerful leverage in today’s seller’s market. In the event of multiple offers, you’re likely to rank at the top.
- Ask your agent to do some serious research. Oftentimes, your agent can contact the seller’s agent to determine which parts of the sale are most important to them – i.e. a quick close or the ability to leaseback for a few weeks. Having this inside intel could make or break your homebuying prospects.
- Be prepared to make a clean and strong – very strong! – offer. The market is hot, hot, hot right now here in Phoenix, so you don’t have much time to wait. Once you’ve found the home you love, be prepared to offer a fair, and potentially over-asking-price, offer. Don’t delay on your decision, either. If you’re taking too much time to “think about it,” the seller is likely to skip over you and move on to the next offer.
Are you in the market for a new Phoenix home? The experts at The Cusick Group are here to help – contact us at 480-759-1576.