Want To Buy A House In Today's Market? Be Ready to JUMP

By
Real Estate Agent with Las Cruces Homes and Land

The Tucson real estate market doesn't just have a great pulse...it's on a serious caffinated rush! Buyers know that now is the time to get off the fence and buy. Sellers are starting to understand when we say "We need inventory!!!"

Case in point: a week or so ago, I received a referral for a wonderful couple buying their first home. I went through the regular protocals - calling and chatting with him, setting up an MLS portal and then reviewing his favorites. I was a little nervous at first - he was looking in that all too hot price point: below $100,000.  I explained that this price was moving very fast and if we found him The One, he needed to be prepared to move fast.  He and his wife settled on 2 that they wanted to see. We went to see them, they went home to figure out which one it was. Again, I reminded him to not wait more than a day.  He didn't. A couple of hours later, there was an email. "We want to offer $XYZ on 123 Main Street." Awesome. Come by the office in the morning and we'll get the offer signed and ready to go.  The offer was accepted the next day and today we did our inspections. We'll close in a couple of weeks.

We were so lucky with this deal - others showed up to make an offer after ours was accepted. Karma was definitely on our side.

Case in Point 2: My soon to be better half has been working with out of town clients looking to buy something for their student son who is attending the University of Arizona. Their price point is a little higher than my clients. They know the urgency of making an offer on The One. They've gone through 3 offers so far with none accepted. Today, he found a home fresh on the market that would be perfect for them. He calls the son, they go and see it. Right now, he's writing up an offer for the parents in California to sign. (Thank goodness for electronic signatures!!) Our fingers are crossed - he was the first to see it this afternoon and, by the time he got back there with the son, there had been 3 other agents through. That was in the span of 2 hours.

Case in Point 3: How hot is this market? My better half's clients experienced the following: Home on the market for 2 days. As they are previewing it, better half calls the listing agent to let him know they were going to make an offer. "Sorry, we just accepted an offer not 15 minutes ago". Meaning, that as they were walking in the front door, the sellers were saying yes. This is happening all over the place. (I jokingly said, "OK. I'm going to call the LA before walking in the front door to check the status. When we're done, I'll call again to check.")

This is the reality of the market in Tucson these days. And, as I read blogs by other agents as well as talk with them, it's pretty much the market all around the country. If you are serious about buying today, you MUST have all of your ducks in a row - pre-qualification letter or proof of funds for a cash deal - and be ready to sign on a moments notice. 

Gone are the days of going home to mull it over.

Gone are the days of lowballing and hoping for a 'steal'.

Trust me when I say listen to your agent. If you want that house, don't wait - get that offer in as soon as possible. And, if that first (or second or third) offer isn't accepted, don't get discouraged. Keep on keepin' on. You'll get there!

Comments (16)

Jay Jones
Keller Williams Tri-Lakes - Branson, MO

How true this has become and I'm extremely happy to see these days again! Keep on keepin' on!

Jul 09, 2012 01:32 PM
Doug Rogers
Bayou Properties - Alexandria, LA
Your Alexandria Louisiana Agent

My market is heated up as well. I tell buyers to select a top three if they must purchase right now. I can see the skeptical looks but the proof is in the MLS pudding. Homes priced right often go within days of hitting the market.

Jul 10, 2012 02:37 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Those days are gone here too.  Wish I could make all buyers understand that.  The deals are just NOT out there.

Jul 11, 2012 11:45 PM
Eileen Hsu
Douglas Elliman Real Estate - Manhattan, NY
LICENSED REAL ESTATE SALESPERSON

I can really appreciate this advice of educating your buyer up front of the market conditions that they will be facing so they have the proper expectations and instructions of how they will have to act if they see a home they want to buy.

Jul 12, 2012 02:36 AM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Emmary, Wow! If buyers don't jump, they will surely lose out. Tucson is hot!

Jul 12, 2012 02:43 AM
Adrian Willanger
206 909-7536 AdrianWillanger-broker.com - Seattle, WA
Profit from my two decades of experience

Emmary, I have some friends who purchase in Tucson about two months ago and they mentioned that it was starting to heat up. Excellent advise for buyers to make sure they are ready to go when they see the home they want.

Jul 12, 2012 02:50 AM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Multiple offers within hours of a home hitting the MLS has been happening in my area for a while now.  I can't recall my last listing that didn't have multiple offers.

Jul 12, 2012 02:51 AM
David Burrows
Classic Realty - Fairfax, VA
No Pressure, Just Seriously Devoted to Real Estate

We are experiencing a similar market in Northern Virginia. I suggested to my clients the other day that they shouldn't wait if they want the house (this was a new home) but walk in and buy it now. They did..... They were there about 2 minutes when another couple came in wanting to offer on the same property. They were two minutes too late!

Jul 12, 2012 03:06 AM
Jacob Mitro
LIFE Realty District - Henderson, NV
I can help you buy, sell, and manage your home.

This sounds like good new (kinda) all around....I am happy to see so many agents in so many parts of the country with low inventory issues....it says something about the markets across the board...Here in Las Vegas the market as well as the weather is hot too!!!...It's almost like buyers have to take what they can get...about 4700 homes available here. and only 426 of those are REO...and 1092 are shortsales...that leaves a whole lot of standard deals with sellers with equity...It's crazy how 1 year can create a huge shift in buying tactics..

Jul 12, 2012 03:53 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

And this will last a while and then sellers will start to ask more.  Then buyers will cool their jets a little and re-think.  The cycle of real estate. 

Jul 12, 2012 06:12 AM
Jeanne Brown
Chevaux Group @ RE/MAX The Woodlands & Spring II - The Woodlands, TX
Jeanne E. Brown

It's amazing to see!  Some of the homes I've Staged here in The Woodlands, TX have sold with full-price (and multiple) offers with good terms, in 24 hours!  Yes, Sellers, time to jump! 

Jul 12, 2012 11:21 AM
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Emmary, this is the latest in our market, too. It's just the cycle of real estate. Eventually, it will even out more.     

Jul 12, 2012 11:25 AM
Richard Arnold
Keller Williams Realty East Valley - Tempe, AZ
Realtor - Tempe, Chandler, Mesa, Gilbert, Phoenix

I have a buyer who has found a likeable home twice recently, and the date to present offers was the next day, leaving no time for my client to consult with her S.O. or do research on the neighborhood.  The added stress is making my client wary of making any offers at all.  I have explained the alternative: Waiting ??? months until the inventory catches up with demand. :( 

Jul 12, 2012 01:42 PM
Evelyn Kennedy
Alain Pinel Realtors - Alameda, CA
Alameda, Real Estate, Alameda, CA

Emmary:

It is exciting, frustrating and nerve wracking when the market is like that.  Properties here, if they are priced right and in fairly good condition, are flying off the market.  Your buyers have to be prepared to jump when they see the home they want.

Jul 12, 2012 01:59 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Emmary - It sounds like you're having a similar market to the one we are.  Buyers need to move if they want it.

Jul 12, 2012 03:13 PM