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Havasu Home Buying: The Waiting Game

By Liz Miller

Real Estate Agent with Coldwell Banker Residential Brokerage SA552583000

March 18, 2020 02:00 PM

Low inventory partnered with low-interest rates makes this a very interesting time in the Havasu real estate market. Buyers want to take advantage of the historically low sub-4% rates. But low inventory levels help keep prices up ($279,500 median sale price for February 2020). When it comes to Havasu home buying, there's a whole lot of "hurry up and wait". You whipped your credit into shape. Then, you got pre-approved for a mortgage. After that, you found the perfect home. So, you put in an offer. Now, you wait...for the seller to get back to you. How long will it take before the seller gets back to you? Well, it definitely feels a lot longer than it actually takes.

Havasu Home Buying: The Waiting Game

Is There a Time Limit?

Actually, there is no time limit in which a seller must respond to an offer. They can take as long as they want. But, in reality, they usually respond within one to three days. In some cases, though, it might take a little longer. When? Sometimes, a seller receives multiple offers. It may take a little extra time to weigh the pros and cons of each offer before deciding on one. Another reason you might not hear back from the seller right away? You submitted a lowball offer. Insult the seller and you might very well find yourself ghosted by them. So, be careful with what you put in your offer before officially submitting it.

Setting a Time Limit

Worried about the seller taking too long to respond to your offer? You could set a time limit to respond. However, I suggest you weigh this option very carefully before you do it. Too quick of a turnaround time might anger the seller, which would not work in your favor. But, if you allow for a longer time frame to respond, this may allow other offers to come in as well. Talk to your Lake Havasu REALTOR® first to see if you should install time limits on response time to your offer.

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