Even with the pandemic in its second year, the Havasu real estate market continued to thrive last year. Low inventory never dampened home buyer demand. While actual sales landed almost exactly the same amount of sales at the end of 2021 as we did in 2020, prices rose dramatically. The median sale price started off at $345,000 in January 2021. But by December 2021, it hit $439,000, a whopping 27% increase in just 12 months. If you plan on purchasing a Havasu property in 2022, it might help to look back at some of the lessons we learned about home buying in 2021.
Home Buying Lessons Learned in 2021
Low-Balling Won’t Win the Bid
Low inventory means more competition from fellow home buyers. Therefore, you cannot afford to submit a lowball offer to the seller. Your offer needs to be competitive. Now, this does not necessarily mean offering tens of thousands over the list price. (Although, an above-ask offer might still be necessary.) Sometimes, simply making the transaction easier on the seller seals the deal. For example, limit contingencies. Provide a loan approval letter. Ask your REALTOR® to find out the seller’s timeline. Do they need to sell quickly or do they need some time? Then, tailor your offer to accommodate them. The easier you make it for the seller, the better your offer looks and the more likely the seller will accept it.
Temper Expectations
Available homes on the Havasu market might not be perfect. But that does not mean they are not worth considering. When home buying in 2022, temper your expectations. Start by creating a list of what you need in a home (amount of bedrooms, bathrooms, etc.). Then, list areas that you would be willing to compromise on. This helps you focus on the most important things when you walk through properties for sale.
Stick to Your Budget
Yes, the prices of homes continue to rise. However, you should never overextend yourself to get into a home. First, create a realistic budget. Make sure it allows for you to maintain your current lifestyle (vacations, hobbies, etc.). Then, stick to it! I would hate to see you buy a Havasu home you love just to lose it next year because you cannot afford to live in it. Use NerdWallet’s affordability calculator to help you determine a comfortable budget for your next home purchase.
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