Buying a House in 2021
Today’s real estate market is nothing short of… CRAZY!! As a full-time real estate agent in Queen Creek and surrounding areas, I can confidently say that right now is the most seller-driven market we’ve seen in a long time. With inventory cut nearly in half and interest rates at record lows, there are just not enough homes to accommodate all the buyers right now. As a buyer, even when you do find your dream home, you can almost guarantee that there will be multiple offers on it. Therefore, it’s important to make your offer stand out as best you can ESPECIALLY during a time like this!
Step 1: Choose the Right Team For Representation
A lot of buyers might think that the purchase price and additional terms of your offer are the only factors a seller considers when making their decision. While this might be the case sometimes, more often than not the listing agent will guide the sellers to choose a buyer that not only nets them their desired bottom line but is also armed with a competent and capable team. WHO IS IN YOUR CIRCLE MATTERS! If you have a great real estate agent and a great lender on your side, that will absolutely make your offer stand out in a positive way. Especially when two offers are close money-wise, the offer with the better team will get the house. And as a side note, MAKE SURE YOUR LENDER CALLS THE LISTING AGENT!! Them reaching out personally to the listing agent to vouch for you as a buyer will go a long way!
Step 2: Keep Your Expectations Realistic
This market is nuts, and right now sellers completely have the upper hand. As a buyer, you need to be realistic about what your wants are in regards to what your budget is. You will not be able to snag a 5 star home on a 2 star budget in this market – it’s just not going to happen. When something comes along that checks your main boxes, you need to be prepared to act quickly and aggressively! Submit your highest and best offer right out of the gates and assume that the home will go for the listing price or higher. Also, do not get discouraged if your first, second, or third offers are not accepted. This is just what is happening in today’s market, and eventually it will be your turn!
Step 3: Be Prepared to Move Quickly
Most homes under $500k are selling within just a day or two, so time is of the essence! Have your agent send you listings daily, and check them as soon as you notice the emails. If there’s anything you like, tell your agent immediately so they can schedule you a showing. Right now, a lot of buyers are struggling just to get a showing period because the time-slots for the day will fill up. If the sellers receive a bunch of offers on the first day, it’s entirely possible that they will cancel all the showings that are booked for the following day, leaving you without a chance to even see or write an offer on the house. In addition, let your lender know you are actively writing offers and have them prepared to call the listing agents when you submit any offer. The faster you and your team move, the better chance of getting the home will be.
As always, we are happy to answer any questions you may have about the buying or selling process. Be sure to check out my blog How to Make Your Offer Stand Out In A Competitive Market for more information on how to buy in this market.
We are full-time, experienced Realtors working in Queen Creek and the surrounding areas. With decades of East Valley real estate experience under our belts, we are here to answer any questions you may have. Please do not hesitate to reach out to April Anderson at 480.272.1977.
We’re looking forward to hearing from you soon!
United Brokers Group
21321 E Ocotillo Rd E-111
Queen Creek, AZ 85142