In recent Blogs we have covered how extreme a seller’s market Maricopa County really is. Being only 3,000 residential units away from the lowest inventory the Valley has ever seen and having thousands of people moving from various states; these days, seller’s have their choice of who they sell their home to.
Here are a few things you might encounter when looking for a home as a buyer:
· Over List Price Bidding Wars – Educated buyers in this market place know, right off the bat, that they must present aggressive which often means higher than list price.
· Multiple, Highest and Best Counter Offers – This gives the seller a chance to counter multiple buyers at the same time and take the best counter offer they receive back.
· Guaranteeing Money Over Appraised Value – It was earlier in the summer of this year (2018) that we started hearing this kind of talk since 2005. Remember 2005 was the year we saw the lowest residential inventory ever. Earlier this year, I had called an agent I asked for availability on a property I wanted to show. The seller’s agent told me that she had 7 offers, all over full price and 3 guaranteeing some dollar amount over appraised value.
This is the impact we are experiencing in today’s low inventory, seller controlled real estate market.
It’s important to be educated about the market position before entering in to a home search. Talbot Team can show you what the more specific area you are interested in looks like.