Why Should You Know About These 3 Common Contingencies?

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Today, I want to discuss contingencies in the purchase contract. There are three really big ones I want to remind you about:
  1. Loan: Any buyer buying a loan has to be approved. Even if you were approved initially, if something changes with your credit you could add a contingency that allows you to get your earnest money back.
  2. Appraisal: The property has to appraise. Even in today's competitive market, where some buyers have to offer above list price, the property still has to appraise. This contingency will protect you from paying WAY too much.
  3. Inspection: In Arizona, you have 10 days to do your due diligence and make sure you know everything you can possibly know about the property. 

As always, if you have real estate questions of any kind, give us call or shoot us a quick email. We service the entire Arizona area, so don't hesitate to reach out to us for help, wherever in this great state you might be!

Phoenix: The Tale of Two Markets

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I think a lot of people are confused as to what is actually happening in the Phoenix real estate market.

The truth is that if your home is worth less than $350K, the market is absolutely on fire. If you're looking to sell a home in this range, you can expect multiple offers from buyers. A friend of mine recently listed their $280,000 home, and they got 15 offers and 

sold for $300,000 in just a couple of days!

If you have a property worth more than $350K, you should take a look at the days on market to determine how quickly you might be able to sell the home. It's a much different market for homes that are worth more.

This isn't such great news for buyers, but there are deals out there. You just have to be quick and prepared to pull the trigger at all times. You can take comfort in the fact that interest rates are sitting at historic lows, so you have a chance to buy a good home at an affordable price.

If you need help buying or selling this summer, please don't hesitate to contact me!