In this week’s blog I’m focusing on tips for buying a home in a seller’s market. If you’ve been following along with my market updates you know that we’ve been in a hot seller’s market for a while in Arizona. A seller’s market is simply where the demand for housing exceeds available inventory. Thanks to a strong job market, a steady stream of inbound migration and relative affordability the demand for housing in Arizona has been high and quickly depleting what little inventory we have available.

I regularly work with buyers and it can be tricky and frustrating to get the right property when inventory is low. This doesn’t mean you should be deterred from buying, but rather be over prepared for what to expect. Below I detail some things you can do to better position yourself when a house becomes available that meets your criteria.

• Be ready to make an offer- If you’re financing your home make sure that you work with a qualified lender to establish your budget and get a pre-qual to accompany your offer. If you’re using cash, have a proof of funds letter from your bank on hand.
• Be on call for showings- A seller’s market means great inventory will go fast. This isn’t the time where you’ll want to wait until the weekend to see a property. Say you have a doc appt., take PTO, but whatever you do get yourself to the home as soon as you can.
• Be prepared for multiple offers- If you love the house chances are that 10 other people will love it too. This is where your real estate advisor will help you set your offer up to be picked above all others. Make sure you’re working with someone who has experience winning multiple offers and knows all the levers that can be pulled to make sure your offer rises to the top.
• Be patient- Things will work out exactly as they should. You’ll get the house you’re destined for, but it may take a couple tries. As long as you have a clear and open dialogue and expectations with your real estate advisor you’ll get the home of your dreams. 

Buying a home is a big deal and can be very emotional. Lean on your trusted real estate advisor to help make sure you get the best offer put together to be in the winning position. If you don’t have one, then I’m your gal. Let’s chat so I can show you how I give my clients an edge in a seller’s market.

Lindsay Fricks, Helping you and your family Live and Love in Arizona!