Buying a home is one of the biggest decisions of your life. Even in an ideal market with plenty of affordable homes, the stress of buying a home can be overwhelming. However…the current Phoenix housing market is anything but ideal, so you have to try to stay positive.
Let’s be real. Homebuyers in Phoenix today face high prices, low inventory, and rising interest rates. Added to this, the historically low housing inventory is spawning bidding wars. Buyers are getting beat out by cash offers well over asking price, with terms such as waiving appraisals and waiving repair contingencies. But, the upside is that this area is still a great place to live…which is one reason why demand remains so strong.
So, while you can’t control the Phoenix housing market, you can control your attitude to it, and that can go a long way to surviving the homebuying process.
Four Tips to Survive the Phoenix Housing Market
Here are just a few tips on how to prepare for the stress of buying a house, and to stay positive during the process!
Don’t Get Emotionally Attached
It can be heartbreaking if you fall in love with a home only to get beat out by another buyer. Try to look at each home with a more detached and analytical eye. Focus on the location, the space, and features of the home, and how they can work for you. If your offer isn’t successful, you can shrug your shoulders and continue your search. But, if you develop an emotional attachment to a particular home and your offer isn’t accepted, the disappointment can cause anxiety and stress.
Consider Expanding Your Search
Homebuyers typically have specific criteria in mind when searching for a home. However, in a tight seller’s market like the current one, you may need to compromise a bit. You could try looking in neighboring communities. Could you do with less square footage or a smaller yard? Is a private pool an absolute must or would a community pool work for now? Revisiting and reworking your “wants” list could open up a larger selection of homes.
Keep an Open Mind
The plain and simple fact is that there is no perfect home. Every home has its pros and cons. Instead of looking for your dream home, find something that will meet your needs right now. Look at it as an investment towards your next home. Then in 2-5 years take the equity you’ve built up and buy your dream house then.
An Agent can Help You Cope with the Stress of Buying a Home
Most people will only buy or sell a home a few times in their lifetimes. It’s vital to find an agent to guide you through this complicated journey. At the Donnelly Group, our agents have the knowledge and expertise to help you navigate today’s complex Arizona housing market. Please don’t hesitate to contact the Donnelly Group at 480-792-9700 or by email if you are looking to buy a home in Phoenix. We’re positive that we can make the process as stress-free as possible for you!
