Offer For Real Estate In Phoenix
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Legally speaking, there isn't a time frame for sellers to respond to your offer. However, it's an unspoken rule in the industry that sellers and/or the listing agents should respond within a few days, with 48 hours as the norm.
Real estate agents often suggest that sellers either accept the first offer or at least give it serious consideration. Real estate agents around the world generally go by the same mantra when discussing the first offer that a seller receives on their home: The first offer is always your best offer.
In Phoenix, Mesa, Chandler and Scottsdale it takes an hourly wage of $49.38 or an annual salary of $102,710 for a single adult to sustain comfortable living standards. For a household of four, it takes about $238,500.
New research is highlighting just how challenging it is to break out of the middle class in Phoenix – or even the lower middle class in Phoenix metro.
With a $70,000 annual salary and using a 50% DTI, your home buying budget could potentially afford a house priced between $180,000 to $280,000, depending on your financial situation, credit score, and current market conditions. This range is higher than what you might qualify for with more traditional DTI limits.
“In a buyer's market, I would not hesitate to submit an offer that's around 10% below asking,” advises Chris Cloud of Exit Heritage Realty in Haymarket, VA. “Most sellers will at least see that as worthy of a counteroffer.”
