Winning your dream home in our Phoenix market involves applying a few strategies to your offer so that it’s better than the competition.
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If you’re looking to buy a home listed under $500,000 in our Phoenix market that’s clean, has been remodeled, and is in high demand, it’s probably going to get multiple offers. Here are a few strategies that will help you beat out those offers so you can win your dream home.
The first thing you can do is reach out to the seller. Find out what their true motivations are, what their timelines are, and anything else they have going on that might be out of the norm. As far as timelines go, find out when they want to move. Do they prefer a longer close of escrow because they’re not moving for a couple of months, or do they need something shorter because they’re ready to move now? The next thing to inquire about is personal property. Are there things they prefer to leave or prefer to take? Getting a better understanding of what the seller wants can help you structure your offer.
The second thing you can do is put down more earnest money. People look at earnest money as a sign of seriousness. The old rule of thumb dictated that 1% was the norm, so you may want to put down 3% or more to show more strength in your offer.
A clean offer with minimal contingencies will help you win in our market.
Third, consider removing some of the contingencies. For example, you can shorten the inspection period or waive it altogether. You want to make the cleanest offer with the fewest number of contingencies.
Lastly, be careful about adding concessions to your offer. Asking them to cover the closing costs or asking for a home warranty can weaken your offer compared to the others.
A clean offer that corresponds to the seller’s ideal timeline and has the least number of contingencies can help you win in our competitive market. If you have any more questions about our market or are thinking about buying or selling a home, please don’t hesitate to reach out to me. I’d be happy to help.
