Top 3 Things New Homebuyers in this Market Should Know
It’s no secret that the Phoenix residential real estate market is hotter than a July day in the Valley of the Sun. There are many factors that have created this “perfect storm” that has homes “flying off the shelves,” so to speak. But in a market like this, there are at least three vital things new homebuyers should know when navigating the market. Libertas Real Estate Founder Justin Thorstad breaks it down:
Work with Experienced Professionals — In a high-demand market like this, houses are being purchased for well above listing price and often sight unseen and many homebuyers may not be willing to negotiate on price or repairs. All these thing require the professionalism and experience of a Realtor who really knows their stuff.
While its admirable to want to go with a friend or family member that just “does real estate on the side” or just got their license, its more fiscally responsible, and will likely save a lot of hassle in the long run, to err on the side of and a longstanding proven track record. Beyond a Realtor, working with a professional title agent and loan officer is important too. All of these people are crucial to the success of the transaction.
Prepare… then Be Prepared to Pounce — In a high-demand market like this, houses are being purchased for well above listing price and often sight unseen. Sales are happening fast, which doesn’t leave a whole lot of time for new homebuyers to find their dream home and then find out if they’re qualified for it. There is no time like the present to get pre-qualified so once a homebuyer finds the home they love, they can get in the game right away.
Speaking of “game,” a market like this can often feel like one, which can be discouraging to new buyers searching for their first dream home. It’s important to remember that the right house, and the right situation, will come along. Patience is important in this market, too.
Never Waive Inspections — And patience — from homebuyer, seller and agents on both sides — is vital when it comes down to the contract and actual transaction process! There are many steps that occur during the sale pending period, including the all-important home inspection.
This inspection is meant to protect all parties so while some may be tempted to allow for it to be waived in order to score the home, it’s best to be patient and allow time for the inspection to take place and the report to come in — after all, it may reveal important information that could impact the sale.
Anyone buying or selling a home in this market should be prepared to face some challenges and be prepared to act quickly. However, it’s never a good idea to short cut some of the most necessary steps of the transaction. Libertas Realtors are standing by to help new homebuyers and sellers so contact them today.