The holidays are here, which is hard to believe. Many may be wondering if it is still possible to get into your new home for the holidays.
The answer is yes, and you need to act quickly.
What would that look like for timing and could you celebrate in your new home? With each passing day, that timeline gets tighter and tighter. Most of our real estate transactions have approximately a 30-day escrow period, if you have new financing. A cash transaction could close faster, though the seller would still need to have enough time to move out of the home.
Where would one start? The first step is to determine if you are paying cash or taking a loan. If you are paying cash, you will need proof of the funds you plan to use for the purchase.
If you will be utilizing new financing, talking with a lender is step one. The lender will pre-qualify you for your home purchase based on a few things including income and debt, credit score, job history, monies available for down payment and closing costs, among other things.
The next step is to connect with a real estate agent. If you have a referral to a good agent, definitely start there. If not, it’s good to interview a few agents and make sure you have a full time, professional agent who has worked in this type of market that we are currently experiencing.
This will help to ensure the agent will negotiate every penny on your behalf.
Our current market is ideal for negotiating for buyers. Here are a few things that can be negotiated on the buyer’s behalf, meaning the seller would pay for these for a buyer: a home warranty, HOA selling related fees, closing costs, monies to buy down the interest rate and repairs needed on the home.
While interest rates seem high compared to earlier this year, home prices are falling. Coupled with a seller paying to buy down the interest rate for the buyer, and possibly the other items mentioned above, it is a great time to negotiate for buyers.
As of mid-November, Queen Creek had 593 homes listed as active and coming soon, 160 pending and 122 closed from mid-October to mid-November.
These numbers do not necessarily reflect sales from the builders in Queen Creek. If the builder listed the home for sale in the MLS, then it would be counted in these numbers. If not, we would need to account for those sales as well.
Clearly, there are more homes listed for sale than there are pending or closed in the last 30 days. This has been the trend in our local market since late spring.
Back to a new home for the holidays, yes this can happen. It’s important to get started quickly, work with a true professional who will navigate this market on your behalf.
This means a seller could get their home sold prior to the holidays and possibly be in their new home as well. Recognizing where the market is and what needs to be done to get the home sold is imperative.
Accepting the market has changed, prepping the home for sale, and pricing the home for where the market is headed and not where it is currently, will help a seller get their home sold and on their way to a new home for the holidays.
In summary, to make this happen, get started right away. Then plan your decorating.