The Scottsdale real estate market grows more competitive every day as smaller inventories meet greater demand. When buying Scottsdale real estate, it may take a more competitive offer for you to get the home you really want. Here are a few tips that can help you make an offer that the seller can’t refuse.
First of all, it helps to be preapproved. Review your credit reports and work on improving your credit score around three or four months prior to shopping for Scottsdale real estate. Have a bank preapprove you so that sellers are aware that your credit score and income have been verified by a lender.
In a competitive market, it won’t benefit you to lowball on your first offer. Remember, there is a huge demand on Scottsdale homes, and you could potentially lose out on the home you want if you start out with a lowball offer. Compare the sales prices of similar homes in the area, and submit your best offer first.
You may also want to consider using an escalator clause in your offer. Doing so means that you agree to automatically increase your offer up to a certain amount as higher bids arise from other potential buyers. Without such a clause, you may risk losing the home to a higher offer from someone else or end up having to offer the most you are willing to pay in order to beat out other buyers.
Adding earnest money helps to show the seller that you are serious about purchasing the home. You may even wish to make a larger deposit than is requested by the seller if you want to convince them of your commitment.
It is best to keep contingencies to a minimum, though you will want to look out for your interests as well. You can offset a list of contingencies with certain more agreeable provisions in order to satisfy both parties. For example, an appraisal contingency can be softened if the appraisal cost is lower than the purchase price and you agree to pay the difference.
Overall, purchasing Scottsdale real estate in a competitive market can be a tricky process, but if you play it smart, you can end up with a great deal on the perfect home. If you would like an experienced and professional Scottsdale Realtor to work with you on viewing Scottsdale homes for sale, call me at (602) 791-0536.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260