PHOENIX — Experts are calling it a “white-hot housing market,” according to Kim Panozzo, a realtor with 20 years of experience in the Valley.
“Basically, what that means is that there is lack of inventory, and so many buyers out there looking to purchase,” Panozzo said.
If you’re looking to purchase a home in the near future, Panozzo recommends getting organized as soon as possible. That means meeting with a lender before even going to look at homes.
“By doing so, the lender is going to sit down with you and really look at, ‘Okay, this is what you can afford to purchase,’” Panozzo said. “‘This is what extra money you have to spend if you have to go up over and above what the listing price is.’”
If possible, Panozzo told ABC15 buyers can show, “good faith with a nice amount of earnest money.”
“If you have the ability to put down 20%, that also makes you, in a seller’s eyes, a very, very strong buyer,” Panozzo said.
When it’s time to put in an offer, it’s important to have a realtor who has a great relationship with the home’s listing agent, according to Panozzo.
“Because what I find is building rapport [with] that listing agent, if they have 10-15 offers, they're going to remember me a little bit more and my client a little bit more, because I put forth that effort,” Panozzo said. “That is definitely one of the things I highly recommend to everyone is get in front of that listing agent as much as you possibly can.”
Along with a strong purchase price, good earnest money, and a strong down payment, Panozzo suggests not asking for additional fees like home warranties or HOA costs that would be negotiable.
“Just offer to pay those things,” Panozzo said.
If it’s still proving difficult to find housing, Panozzo noted new construction across the Valley means more opportunities to buy. Even if there’s a waiting list for a new development, Panozzo has seen properties open up frequently.
“Every day, they can potentially have someone that maybe couldn't qualify for the property, and it falls out,” Panozzo said.
Panozzo recognizes the housing market might look discouraging, but she tells her clients, “Just don’t give up. Having a good agent and just a good attitude between the two, you'll get there I promise.”
