The Phoenix Real Estate market is so hot there’s some things you should know if your looking to buy or sell some Phoenix Real Estate.
- All the old ways of putting an offer in have changed
- It’s a sellers Real Estate Market at the moment
- Very low inventory of home’s for sale
- Bidding wars on some new listings
- Appraisals are being waved and home inspections
- You can still find the home of your dreams and be the winning offer.
So with all this new real estate landscape to navigate when buying a home how and where does someone looking start? You have to get preapproved and not just prequalified.
As you prepare to apply for a mortgage you’ll come across terms like “prequalification” and “preapproval.” It’s important to understand what these terms mean and how they will guide your home search and help you focus on homes you can afford and how sellers will love to see you. When the time comes, they can also help decide how much to offer and show the seller that you’re a serious buyer.
Pre-qualification and pre-approval are types of mortgage approvals, and they refer to the steps a lender takes to verify that a client can afford a mortgage and shows a buyer that you are ready and willing to look and find a place to buy.
Making your offer stand out
Lots of little tricks in the Phoenix Real Estate home market right now to get your home buying offer more attractive to others. I’m not saying you should ever wave the appraisal and your lender may not even let you but it’s happening. Waving the home inspection and any repairs is another way to show the seller that you want the house and don’t care and will handle any repairs yourself.
If you offer the seller that in the purchase contract and others don’t then yours could look more attractive. Offering a signing bonus so the seller will take you offer by a certain time frame. If you an afford to offer such a enticing deal then it could work in your favor. Maybe an extra thousand or two. I’ve even heard of a family bringing over some home made cookies with there offer to show the seller they really want it and would be a great fit. You never know what might work these days.
These tricks and tips are only because the Phoenix Real Estate Market is hot
In a normal real estate market all of the above are not needed. When the real estate market is in a healthy stage you have lots of buyers and sellers and the home prices are right. With interest rates so low it’s a great time to be a home owner and it can be cheaper to own a home right now than to pay rent. The problem is there’s not a lot to choose from in the Phoenix Arizona real estate market right now. Don’t give up and in my humble opinion the hot Arizona real estate market may cool down some in the future.
I’ve seen this hot real estate cycle happened 4 times in my 50 years here in Arizona and sooner or later we get a correction. It’s hard to imagine and see right now but it will come. If you need any help with your Real Estate question please feel free to reach out and good luck with your home search it’s exciting and fun. Stay safe.