Every time our market changes, the way we negotiate for a buyer or seller can change a bit.
This year we have had a very active year for buyer activity and this has kept our home inventory low with less choices for a new buyer. Two keys to remember for success is being patient and being ready when “the one” home does come on the market.
Things to know when shopping for a home:
-Certain home features and pricing are in higher demand:
- Above average upgrades or newly remodeled
- private pools
- 3 car garages
- premium lots and/or RV Gates
- homes priced at $180k or less
-Sellers are getting about 99% of their list prices when the home has the following: priced well, shows well, good-excellent condition, or has one or more of the higher demand features.
-If you are getting loan, it’s important to have your pre-qualification letter show you have had your credit checked along with providing all your initial documentation to your lender. The stronger you are as a buyer, the more clout you will have for your offer. This is especially important if you end up competing against another buyer for a popular home.
-When you find the home you love and are ready to write an offer, your agent should provide you with a list of similar, sold homes in the area (comps). Knowing the sales prices on the recently sold, comparable homes are important for you to understand during the purchase of your home and for future equity in your home. Our current average appreciation rate in Maricopa is about 7-8% annually.
-Lastly, get good help! Your agent should be able to review with you the buying process and expectations(i.e. the inspection an appraisal, if required), provide an offer strategy, and send you an estimated closing costs worksheet before writing an offer.