The current tight housing market in Phoenix requires a more strategic approach to buying and selling homes. The R.O.I. Properties team has launched our new blog series, Excelling in the Residential Market, as a way to help both homebuyers and home sellers to navigate the process for maximum success and with minimum hassles. To be alerted when new articles come out, make sure to like R.O.I. Properties on Facebook.
If you are in the market to purchase a home, you are well aware that sellers hold all the cards at the moment. But don’t despair! As discussed in our recent post about buying a home, you can increase your odds for success by targeting a specific neighborhood, and enlisting the help of a Greater Phoenix real estate agent such as R.O.I. Properties to find off-market inventory.
Positioning Yourself as the Most Attractive Buyer
Of course, the process is not just about finding the right house at the right price. This is particularly true in today’s market—especially when there may be multiple offers for properties up to $500,000. Here are a few additional strategies to consider:
- Write a compelling letter. In some cases, it may be good persuasion to appeal to an owner’s emotional senses—particularly if they are longtime residents or particularly attached to their home. The letter can convey certain background information about you as a buyer, why you would be a good fit for the property, and familiarity with or connection to the neighborhood.
- Waive or shorten certain aspects of the deal. If it’s an investor deal, it may help to waive all of the inspections, speeding up the process compared to reviewing multiple offers. The seller will have the comfort of hard money up front —and that the buyer is going to perform. If you are an owner-occupant buyer, you may want to shorten the inspection period, which will enable the Seller to move through the transaction quicker.
- Set the stage that you are committed. Similarly, a prospective buyer who is going to occupy a home can reassure the seller that a small hiccup is not going to quash the deal. For example, a buyer can acknowledge that the HVAC units are of an older vintage, and they will be accepted on an as-is basis.
Even though they have the upper hand, the last thing a seller wants is to have a deal go sour at the last minute, and have to put their home back on the market. Anything you can do as a buyer to reassure them will help you secure the property. The residential market is in a completely different zone right now, and as a homebuyer, you need to adjust your strategy accordingly. In Part 2 of “Ways to Position Yourself as the Most Attractive Buyer,” we will discuss some of the financial tactics you can use to help get your deal done.
Read previous articles in the Excelling in the Residential Market series:
Tight Housing Markets Require Focus and Strategy
Even in a market where sellers have the upper hand, buyers can improve their odds for success. Contact R.O.I. Properties at [email protected] or 602-319-1326, and we will help you formulate a strategic plan to find and purchase your dream home in your desired neighborhood.