The heat of the summer has come and gone, but the Sedona residential home market has some built up heat and it's making it tougher for buyers... Lower overall inventory of homes is turning up the heat on buyers for modestly priced homes. The sub $650k market is fairly hot right now - with only 181 homes on the market and 64 already tied up (soon to be 65!) - so that means that our real inventory of homes in the Sedona area is down to 117. If we split that up into Sedona city limits - you'll see only 44 available homes and 58 in the Village of Oak Creek.
Well priced homes in this HOT category are often selling in a matter of hours or days - so if you're waiting for the right one to come available - here are some tips to help get your offer to the top of the list:
1) Get Pre-approved and have the paperwork ready when you're shopping for a home. Our newest AZ state real estate purchase contracts require prequalification paperwork if you're needing a loan for a house - so the quicker you're ready, the quicker a seller can accept your offer
2) If you're paying cash - have proof of liquid funds available to show with your offer.
3) Consider a shorter inpsection period (consult with your agent about availability of home inspectors)
4) Consider a larger earnest money deposit - 1-3% is normal - but when you're in competition with other buyers, you might consider 10%.
5) Quick closing - if you're cash - offering to close in 14-21 days will put you ahead of offers that have loan contingencies - as they'll need 4-6 weeks to close a loan.
6) Don't be afraid of going over the listing price. For years we'd seen $1k-$3k over listing as a shoo-in to get an offer signed - but we've seen offers with $10k and $20k over the listing price if it's a desirable place with lots of competition.
7) Lean on your agent for value of the home - there are times when agents will list a house for under market value and drive the bids skyward. It's wise to know where and when to stop as well!
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