SCOTTSDALE, Ariz. — With a one-month supply of homes for sale in the Valley, it’s definitely a seller’s market.
First-time homebuyers are getting a rude awakening.
“They’re getting crushed,” said Valley real estate expert Dean Wegner. “They’re not experienced homebuyers. They’re entering thinking it’s still actually a buyer’s market, and you can offer 10 or 20 percent less, and wait a couple of days and the seller will get back to you. That’s far from the case right now.”
Wegner said that first-timers are getting beat out by investors and other cash buyers. For first-time homebuyers, this is a learning experience.
“What normally happens with first-time homebuyers is they make two or three offers, and they get rejected because they offer less than the asking price,” said Wegner.
“Then they start offering the asking price. On about their 10th house, they realize they have to offer at least 10 percent more than the asking price, and then they get their house. They get a couple of black eyes until they figure out the game and end up buying a house.”
Wegner’s advice to first-time buyers is to be persistent.
“Look at lots of houses, make offers fast, and be realistic,” he said. “It’s OK if you’re going to lowball the first couple of offers. You’ll eventually learn what the game is like.”
- Telecommuting: 5 tips to make it work for employers and employees
- See how top CFOs feel about economic growth in the Valley
- Migraine myths that keep patients from effective treatments
- Here’s why Gaydos went tankless with his water heater
- 12 things to watch before the Oscars
- Bocce ball and basketball: How you can help Arizona's Special Olympics athletes
- Tips on building the best wine room in Arizona
- Avoid the nightmare: 6 tips to choose a great contractor
- Breast cancer: Improved testing and treatments means more survivors
- Best and worst of Super Bowl commercials
- Failed back surgery: New hope for patients living in pain
- Ticking time bombs: Telltale signs your water heater is about to explode
- Reading glasses could be a thing of the past
- 6 cool ways teachers are using technology in the classroom
- Emerging tech jobs in Phoenix and how to get one in 2017
- 4 top treatments athletes use for pain
- Emergency! What to do when bathrooms flood
- Operation Santa Claus needs holiday help
- This college bowl season is likely to be epic
- Arizona kids in crisis: How you can help
- 11 holiday classics for the ultimate movie marathon
- New treatment offers hope for migraine sufferers
- 11 stadiums to watch your favorite football team
- Shopping for a TV? Best models for 2016
- The new beer pairing guide for holiday foods
- Avoid this holiday plumbing disaster in your home
- 7 tips to avoid holiday weight gain
- New treatments mean better prostate cancer survival rates
- 5 of the scariest things found in drains
- 6 tips to create the best family movie night