When it comes to real estate, Phoenix is one of the hottest markets in the country.
PHOENIX – When it comes to real estate, Phoenix is one of the hottest markets in the country. However, this can lead to mistakes by desperate buyers and sellers.
We spoke to six brokers with over 50 years of experience. Bobby Romero, Holly Henbest, Elyus Black, and Jeremy Rangel are all at Realty One Group. Mike and Jessica Hoffman are at HomeSmart.
Between last year and this year they were more busy than ever helping their clients land their dream home. And the coronavirus pandemic was a big reason for the high demand for the perfect home.
“You’re spending more time there now than ever before. Many of them are homeschooling, work from home, you have become home, have become everything. It’s your restaurant, it’s your vacation, it’s your nightlife, it’s your school, it’s your office, it’s your whole world, ”said Henbest.
There are currently more buyers than sellers, leading to bidding wars and outrageous offers. Instead of taking a wrong step, overpaying, or missing out, they offer in-depth advice on some of the biggest mistakes for buyers and sellers.
For buyers, here are the top 4 mistakes to avoid:
Pick the wrong broker
“I find that some buyers are just about to jump into a house and go for it, even though there are power lines behind it or a main road behind and if the market flattens out a bit they will. I will have a hard time selling this house. A realtor can help you with this and explain the positive and negative aspects of the home to you. It’s up to the buyers to make a decision, ”said Romero.
Offer list price
“We strongly recommend that you be aggressive with your original listing and be ready to beat the list price. So if you are pre-qualified for $ 300,000, you might be looking at homes around $ 275,000 because a lot of those homes are maybe $ 15,000 or $ 30,000 higher, and if you want to be competitive you have to go beyond that right now because that’s the only way to get the house you want, ”said Mike Hoffman.
Do not inspect renovated homes
“When you walk through the door you are amazed by the beauty of this new home, everything is shiny and new and it looks great. However, what about the things you don’t see? Instead of doing the standard home inspection, get an air conditioning inspection done, do a plumbing inspection and have the plumbing covered, ”Black said. His partner Rangel added, “Because at the end of the day you can put lipstick on a pig, but it’s still a pig.”
Don’t be flexible
“You really have to have this flexibility to be able to look immediately and also to be prepared that, if you like it that day, you are ready to make a decision and submit an offer. If you want to hem and slap on it or sleep while you sleep on it someone else will buy it, ”Henbest said.
For sellers, here are the top 4 mistakes to avoid:
Listing photos with a cell phone
“For many shoppers moving to Arizona from another state, seeing your home online is the only way. So if you have a photo that doesn’t show your home in the best light, you may have lots of buyers missing out on your home. So please hire a professional photographer with a portfolio to make sure they market your home, ”said Black and Rangel.
Thinking people will like your decor
“I’ve had a few clients in the past who said, ‘This is my house, I love what I have, I love my decor, won’t they love it?’ It just gets flooded with stuff. Once you decide to sell, it’s time to sell. So one of the lines I always tell people, “Are you ready to sell? Yes, we are ready to sell. Okay, let’s wrap it up, ”said Romero.
The highest offer is not always the best
“Some sellers picked the highest bid, but the buyer may not have been as qualified. And three days before graduation, her loan is declined. And then back to the drawing board. And then we have to list it again and then find another buyer. So you want to make sure you investigate the buyers, call their loan officer, and make sure they are qualified, ”Hoffman said.
Don’t sit down on an offer for days
“The seller will think – the longer we wait, the more people are interested, we can have a huge bidding war. But really, the people who came on the first day tend to be the most motivated, hungry and fearful about getting a deal, ”Henbest said.
The bottom line is that all of these realtors can agree that you need a realtor to show you your homes as soon as you want to see them.
“This is extremely important, especially in this market. You need an agent who can show you around the house when you’re available rather than on their schedule, ”Black said.
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