Recent house hunters, how negotiable are sellers currently? (Scottsdale: sales, renting)

[DetroitN8V]

I realize this is a broad question, dependent on certain circumstances, but I'm trying to get a feel for the overall market. Our realtor has us convinced that there are more buyers than there are homes and that sellers have a stack of offers to choose from. Is this reality, or is making an offer of say, 10% below list price realistic? Obviously I want the best deal but don't want to be overlooked if sellers truly are receiving multiple offers.

[liz451]

When I got my place in September there was multiple offers but I got a redone townhouse for under 200k which is walking distance to all the Old Town bars/restaurants and grocery stores, etc. so it wasn't too surprising. A good indication would be how many days a place has been on the market.

I'm sure some realtors will have better info for you but when I was looking everything under 250k was super competitive (my budget), and now I'm hearing everything under 500k is competitive in many areas.

EDIT: once I was under contract they were more negotiable. they were offering it as is but I got my repairs when the home inspector found a few small things despite my realtor telling me they wouldn't go for it - never hurts to ask and if I'm buying a flip everything better be done right!

[Burning Madolf]

Like liz451 said it depends on the price range.

[youthinkso]

Originally Posted by DetroitN8V

I realize this is a broad question, dependent on certain circumstances, but I'm trying to get a feel for the overall market. Our realtor has us convinced that there are more buyers than there are homes and that sellers have a stack of offers to choose from. Is this reality, or is making an offer of say, 10% below list price realistic? Obviously I want the best deal but don't want to be overlooked if sellers truly are receiving multiple offers.

Yup I would agree with your realtor.

10% below...lol enjoy renting

The time when you could walk around and pick from three or four houses was 24 months ago. Now you have to go armed with cash and a pen...or at least a certified bank statement. Sellers will even ignore you if you need to secure financing.

[DetroitN8V]

We're approved for the mortgage and are prepared to pull the trigger and offer a healthy EMD once we find the right house. I just wasn't sure just how competitive things really are. We're looking in the $400-500K range in Scottsdale which seems to be as competitive as the sub $250K range elsewhere. Someone please correct me if I'm wrong.

[Burning Madolf]

I guess the best way to find the answer to your question is to start making offers. Every seller is different. But if you don't believe your broker ask for some recent sales data in the specific areas you are searching and try to gauge for yourself.

[DetroitN8V]

Originally Posted by Burning Madolf

I guess the best way to find the answer to your question is to start making offers. Every seller is different. But if you don't believe your broker ask for some recent sales data in the specific areas you are searching and try to gauge for yourself.

I trust him, I just WANT him to be wrong.

[imartin26]

We were lucky, I bought in Sept in Scottsdale (85254). The first home we bid on we got, I was able to get 3% from seller in closing costs and the price dropped by 5 grand. We were in the 400k range, maybe we were lucky but the whole process was relatively painless.

[DetroitN8V]

Originally Posted by imartin26

We were lucky, I bought in Sept in Scottsdale (85254). The first home we bid on we got, I was able to get 3% from seller in closing costs and the price dropped by 5 grand. We were in the 400k range, maybe we were lucky but the whole process was relatively painless.

Congrats! That's awesome. So you paid about 5% under list price. Very interesting. Thanks for the info.

[imartin26]

Sure no problem, good luck!