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There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

There Are Bidding Wars on ALL Listings and Other Stupid Myths.

By Sathyabama_CML

There are bidding wars on ALL properties and other dumb myths.

Some buyers are wasting their money assuming there are multiple offers on all properties. I received an offer last week on a listing that was written $5,000 over list price. They didn’t ask if I had multiple offers, just assumed that I did. I didn’t have multiple offers and they spent money they didn’t need to spend.

Ok, so that really isn’t a stupid assumption because it is happening….sometimes. It’s a valid concern and one that most buyers have when purchasing property in Chandler, Gilbert, Queen Creek and other metro Phoenix cities. There are certainly plenty of “bidding wars” going on in the Phoenix area. Prices wouldn’t be rising if there wasn’t competition for the best homes and condos. The Phoenix Business Journal just published an article stating that Phoenix leads the nation in home value gains. (Please note that when the say Phoenix, this also includes the suburbs of Chandler, Gilbert, Tempe, Mesa, Scottsdale, Queen Creek, Maricopa, San Tan Valley, Glendale, Peoria, Surprise and several others.) These gains have come from a shrinking inventory of bank owned homes and very steady demand from buyers. Simple laws of supply and demand are at work.

Yes, there are multiple offers but not always. I just listed a property in San Tan Valley..a nicely upgraded home in the popular San Tan Heights subdivision. I listed it lower than it’s competition on a Saturday afternoon. I was hopeful that the seller would have a number of offers from which to choose. I was prepared for the proverbial “bidding war.” When I woke up Sunday, I had an offer waiting in my email. It was full price, cash, and a close at the end of the month. Perfect! Let the storm of offers roll in. All day Sunday, no more showings and no more offers. Monday; no more showings and no more offers. Why didn’t we get multiple offers on this well priced home in a desired area?

I think this scenario is happening more than we realize. I have a few theories:

Some buyers don’t bother looking because they assume there are already a bunch of offers and don’t want to or can’t compete.
Inventories in some sub-markets is catching up leaving buyers with more to choices.
Demand is dropping.
Prices have increased too fast thus excluding some buyers or leaving them discouraged.
Another Stupid Myth: Properties aren’t appraising for the sales price.
As a buyer it’s important to understand the comparables and proceed with caution when offering more than the list price. If a property doesn’t appraise a buyer is left with possible 4 options:

Exercise the appraisal contingency and cancel the contract
Renegotiate the sales price with the seller to match the appraised value.
Increase the downpayment the make up the difference between the sales price and appraisal value.
A combination of 2 and 3….meet in the middle.
I hear a lot of conversations centered around appraisals not coming in at value. These conversations include phrases like “it will never appraise,” “the market is moving faster than the appraisers,” and sellers asking buyers to waive the appraisal contingency. (Don’t do this unless you have cash reserves.) There are examples and truths to support these. However, some properties are selling BELOW appraisal. I have had two sales in the last 4 months where the home appraised for more than the sales price. One appraised for $2,000 over the sales price and the other $10,000 over.

One last dumb myth: FHA and VA Buyers Can’t Compete in this market.
Cash is still king but FHA and the VA provides opportunities for solid buyers who don’t have large down payments or tons of cash lying around. Since there aren’t as many multiple offers as urban legend would have us believe, there are plenty of opportunities for FHA and VA financed buyers. New homes are a great place for VA and FHA buyers to look.

Here is my synopsis of these myths: ASSUME NOTHING AND DON’T APPLY AN EXPERIENCE OF SOMEBODY ELSE TO YOUR BUYING AND SELLING EXPERIENCE. Also hire an agent who can is experienced enough to ask the right questions and dispel the myths.

PS…..some price ranges areas are more susceptible to multiple offers than others.

If you’d like to know more how to find properties that don’t have multiple offers, contact us at 602-295-3190 or fill in the form below.

Oops! We could not locate your form.

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Stacie Kvanvig, REALTOR©

Email: RealEstateDame@gmail.com

480-387-4722

3910 S Alma School Rd

Chandler, AZ 85248