I keep saying that our Havasu real estate market is just as hot as our weather (if not hotter). Home prices continue to rise each and every month. But experts refuse to call this a real estate "bubble" waiting to burst. Instead, consider it the norm...at least for a while. If you plan on doing some summertime home buying this year, take these tips into consideration first.
Summertime Home Buying Advice
Low Inventory Equals Less Choices Available
Our local MLS showed only 1.3 months of inventory available in May 2021. That means that if everything remained at the same rate, we would run out of homes for sale in just over a month. This puts us decidedly in a seller's market. A low inventory level means that buyers have fewer homes to choose from. In turn, we see multiple buyers vying for the same property on a regular basis. That used to be an exception. Today, that has become "the norm". So, make sure you hire a REALTOR® who knows what is going on in the Havasu real estate market right now and can guide you through it.
Be Patient
Summertime home buying normally includes more competition from other buyers. In today's market, that has gone up exponentially. Therefore, it might take you longer to find and secure a Havasu home than it would have in the past. Plus, the seller may need some extra time to find another property to go to after the completion of the sale. My best advice for this situation? Be patient. You may find yourself renting out a place for a short period of time to accommodate the seller's timeline (and secure your chances of a successful home purchase).
Present Your Best Offer First
In a buyer's market (or even a less restrictive seller's market than we see today), buyers and sellers went back and forth when negotiating a sale price. Nowadays, real estate experts suggest that you present your best offer first. Why? With many buyers battling over one property, a seller may toss aside a less desirable offer and focus on the better ones without providing a chance for a counter offer. That leaves your offer out in the dust and you back at square one in your house hunting.
Money, Money, Money
Finally, successful summertime home buying requires strong financial backing. The very first thing buyers need to do (even before they contact me) is to talk to their lender about pre-approving a mortgage loan. You need to include both your pre-approval letter and your proof of funds when you submit your offer. This only works to your advantage with sellers. When you decide that you would like to move forward in your Havasu home search, contact me at (928) 208-5154 or via email. I'd love to help you find your next home.
FEATURED LAKE HAVASU PROPERTY FOR SALE
Visit any of my Lake Havasu real estate sites below for more information on the Havasu market:
Homes for Sale in Havasu
Havasu Area Homes
Just Call Liz
Originally posted on my Lake Havasu real estate blog here: https://havasuareahomes.com/advice-for-summertime-home-buying-in-havasu/.
Comments(2)