How to buy Phoenix properties in a tough seller’s market
Bargains can be found on Phoenix properties regardless of market conditions. Currently, the Greater Phoenix real estate market is facing a supply shortage, with less than a 2 months supply of inventory. Still, there are steps any prospective home buyer can take to maximize their chances at finding and securing the right property at the right price.
Here are my recommendations:
Work with a Realtor
It may sound self-serving considering the source, but your best first step is to find a Buyer Specialist to guide you through the purchase process, from initial search through close of escrow. I’ve posted tips on how to pick a good Realtor, which you should review if you haven’t already hired one. Don’t settle on just any Realtor — determine the service standards that are important to you and filter candidates against these criteria. And if you find an agent doesn’t meet your expectations and you’re not able to resolve your concerns with them, find another one ASAP. You have too much at stake to settle for a so-so member of your team. ’Nuff said.
Develop a Search Plan
Your Buyer Specialist should have a specific plan to help you find your hidden gem. My approach involves a thorough initial consultation, after which I build a targeted search and notify you anytime properties matching your criteria are listed. In certain cases I can also tap into alternative resources, such as wholesalers and local ‘fix and flip’ investment groups. Different buyer needs dictate the need for different strategies and an experienced Buyer Specialist can develop the best one for your situation.
Be Ready to Pounce!
Over the course of your search, you should see enough properties to know when you find “The Property.” You’ll understand how features relate to value for your chosen area. Once you do find your Phoenix or Scottsdale property, don’t hesitate for a minute. Write an offer ASAP! Even in the strongest of buyer’s markets, you don’t want someone else to come in ahead of you, resulting in your loss.
Structure a Smart Offer
There’s more to value than sales price for both buyer and seller. An experienced Buyer Specialist thinks outside the box to help you craft an offer that positions you favorably to the seller and sets you apart from any competing offers. I’ve helped buyers acquire properties at lower prices than competing offers by putting together offers that didn’t give away anything of material value to my clients, but offered added value to the sellers. The key is to understand what is most valuable to both parties, as well as what’s not, and reflecting those differences in the offer.
Sadly, you can’t always win.
It’s important to note that there are so many variables involved in the process and things beyond your control, it is possible do everything right and still experience multiple rejected offers and a protracted search. So while nobody can guarantee a perfect experience, I believe that the issues I’ve identified here can help you buy Phoenix properties in any market.