Arizona is no longer a buyers market… For some of you that may be a shock, but if you have been home searching already, you have come to that realization very quickly. Trying to get a home has become very difficult for most buyers because of cash investors and limited inventory. There has been speculation that banks are holding on to homes, but so far that does not seem to be the case. Don’t hold out for a rush of homes to hit the market. Foreclosure rates have slowed down, short sales are harder to find, and there simply isn’t a large supply of homes on the market. However, it is still a good time to buy because home prices are climbing at a steady rate and interest rates are low. Here are 8 key points that will help you be successful in your home search.
#1-Make sure you are prequalified before you start looking for a home. Sellers want to see that prequalification letter with all offers (if you don’t know where to begin, ask your realtor).
#2 –Find a good realtor who is willing to work hard for you and who is ready at a moments notice to help you look at a property (your realtor is the key in your home search process).
#3- Ask your realtor for a Portal of your desired criteria/search area and make sure you check that portal twice a day for new properties that may interest you.
#4- The minute something comes up that you would like to see, make sure you make time that day or within 24 hours to view the property because chances are if you like it so will others.
#5 –Be ready to make an offer the day you see the property or chances are it may not be there a few hours later (keep in mind you still have a 10 day inspection period).
#6 –Be ready to pay asking or over asking in order to purchase a home. Now is not the time to try and get a better deal or you may very well loose out.
#7–Prepare yourself for being outbid a few times before finally having your offer accepted (keep in mind that most homes will receive multiple offers). This could be very discouraging for most buyers. However, keep your chin up… try, try, again. Your home is out there!
#8 –Even in a limited market your home search should be fun and exciting. After all, you are looking for your new home. Enjoy it!