House Hunting in Arizona’s Low Inventory Market: My Tips & Tricks for Success
As interest rates begin to slowly come down, buyer demand is up while inventory remains low. In this blog post, I’ll cover the strategies I am sharing with my Buyers as we navigate the market together.
Get pre-approved for a mortgage: Before you start house hunting, it’s important to get pre-approved for a mortgage. This will give you a clear understanding of how much house you can afford. In Arizona, a pre-approval or a proof of funds letter is a required document to provide a seller when presenting an offer. Since both of these documents can take several days for a lender or financial institution to prepare, you want to have this completed before heading out to look at homes. In need a lender to start the process? I am happy to share my recommendations!
Act quickly: In a market with low inventory, it’s important to act quickly when a property that meets your needs becomes available. Make sure you’re available to tour properties as soon as they’re listed, and be prepared to make an offer quickly if you find a home that you love. I set my clients up an custom MLS search that emails them listings that fit their criteria as soon as they hit the MLS! This gives them a leg up on their competition who may not have this level of access to new listings in real time.
Working with a knowledgeable agent: If you are looking in Arizona I can help you navigate this competitive market and if you are looking outside of the state, I may be able to help you there too through my always growing agent network. Here in Arizona, I work in area through out Maricopa and Pima County (Phoenix, Scottsdale, Paradise Valley, Fountain Hills, Cave Creek, Carefree, Tempe, Chandler, Gilbert, Mesa, San Tan Valley, Glendale, Goodyear, Surprise, to name a few!) As well as some premier northern Arizona locations such as Sedona and Flagstaff. I can provide insights on neighborhoods and properties, show you properties that fit your criteria in person and/or virtually, and I can help you craft a strong offer that stands out from the competition.
Be flexible: In a competitive market, it’s important to be flexible about your must-haves. Consider properties that may need a little work or that are outside of your preferred neighborhood. Being flexible can open up more options and increase your chances of finding a home that meets your needs. I can use my experience in home flipping and renovations, to point out low cost improvements to get your less-than-ideal home and connect you to vetted contractors for these projects.
Make a strong offer (but only if needed to actually secure the property): In a competitive market, making a strong offer is key when the property is seeing a lot of activity and offers. This may mean offering more than the asking price, waiving contingencies, or offering a larger earnest money deposit. However, if a home has been on the market for awhile without much activity it may be overpriced. In cases where we aren’t seeing much competition for the house and/or there is some work that needs to be done, I can often times negotiate a more reasonable price. As your Realtor, I will use my experience and knowledge of the market to help you through this negotiation process.
Don’t get discouraged: In a market with low inventory, it may take some time to find the right home. Keep an open mind, stay persistent, and trust that the right home will come along! I am with you throughout the process and patience and perseverance will get us to the finish line!
When buying a home in a season of low inventory you may be presented with some challenges. My goal is to help you navigate them with ease. Using the advice above will increase your chances of landing your dream home in the current market. With these strategies in mind, together we can navigate a competitive market with the confidence that your goals are within reach!
Ready to take the next step? Learn more about working with me HERE.
