We are currently experiencing a very unique time in history right now. And by that, I mean more than just COVID-19. It appears that the time spent cooped up in our homes made some of us realize that we need more space. Unemployment hit record highs. That made some homeowners question whether now was a good time to sell or not. Even so, low inventory, historically low interest rates, and high buyer demand pushed us even deeper into a seller’s market. So, if you plan on doing some Havasu home buying right now, keep the following tips in mind.
Havasu Home Buying During a Seller’s Market
Be Prepared to Act Quickly
As of July 2020, the average Lake Havasu property spent just 19 days on the market before going into escrow. Some spent far less time. For many people, the weekends provide the opportune time to check out properties. but in a seller’s market like ours, you might miss out by waiting. Be prepared to see it during the week if possible. Talk to your agent about a virtual showing if needed. Sometimes, all it takes to get a house is to be the first one to see it and submit an offer. So, make sure you hire an agent that knows their stuff.
Get Your Financials in Order
Knowing your budget before you start the Havasu home buying process helps keep you focused on realistic goals. To help create a viable budget, contact your lender and start the approval process. If you go so far as to get to the underwriting step of your loan approval, your offer looks much more attractive to a seller than someone who still needs to begin the process. It also helps cut down a large chunk of time in escrow.
Use Contingencies Sparingly (If at All)
Speaking of offers, go easy on the contingencies. Set aside the laundry list of repairs, especially if the seller accepts a lower price instead. Loan approval before you put in an offer allows you to avoid that contingency. Yes, contingencies allow you to back out of a deal if something comes up. However, the more contingencies you place on the sale, the more likely a seller may be to take another offer, even if it comes in at a lower sale price. Talk to your agent about how best to approach contingencies.
Perfect Houses Don’t Exist
Finally, let go of the idea of finding “the perfect house”. It just doesn’t exist. Even if you built a home from the ground up, you most likely need to compromise in one area or another for a myriad of unavoidable reasons. With inventory as low as it is right now in the Lake Havasu real estate market, temper your expectations. That doesn’t mean you should buy a money pit. But, you might have to scale back your list of “wants” in order to find a property you want to buy.