2021 Home Buyer Tips In A Sellers Market
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Currently where I'm located in Tucson, Arizona, the market is going crazy. There's record low inventory and interest rates are at an all time low. With there being five times more buyers than there are homes currently available, it's easy to get discouraged. I've come up with a few helpful tips to guide you towards the finish line.
Tip #1: Find Out Seller’s Motivation
Your trusted real estate agent should be reaching out to the listing agent to find out what the seller's motivation is. Are they needing a shorter closing, a longer closing period? Are they needing a lease back for a few weeks? You want your agent to find out what type of offer is going to be the most attractive to the sellers.
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Tip #2: Contract Contingencies
In the market that we're in right now, the seller tends to have more of the power towards the beginning. Homes are getting multiple offers and some of them are even going $25,000 or more north of list price. So a way to set yourself apart is to adjust some of the contingencies in the purchase contract. A few examples would be a shorter inspection period or waiving your appraisal contingency. Shortening these contingencies look attractive to a seller and shows that you were serious about the sale.
Tip #3: Write A Letter
With the seller receiving multiple offers on a property, sometimes something as small as a handwritten letter can make a huge difference. Maybe talking about your family or a little bit about yourself to show the seller who you are and why you could see yourself living in their home. This sets you apart as a buyer because you're no longer another faceless offer coming in.
Tip #4: Pre-Approval Letter
Last and most importantly, you're always going to need a pre-approval letter attached to the offer. This is showing the seller that you are well approved for what you're trying to buy, and that you've been working with your lender and they have all of your documentation needed for a loan. This will help the seller and their agent feel more confident that you are able to close with no hidden surprises popping up.Â
I know it's a crazy and exciting time to be a buyer or a seller right now. I hope these tips help you. Again, if you or anyone you know is looking to buy or sell, I would love to chat with you anytime about real estate needs or Tucson in general. Make sure you give me a call, email or text!
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Rachel Clark
Hi, I'm Rachel!
As a Tucson native, I have been fortunate enough to experience everything Tucson has to offer! I love being able to speak to people on a daily basis who are either looking to move to Tucson or are fortunate enough to already live here! You can reach out too. Send me a text, give me a call or shoot me an email. I'm here to help however I can when it comes to moving to Tucson!
