If you have been waiting for real estate prices in Arizona to go lower, I think that boat has already sailed. We are finding that prices are inching up about 2-4% every month. Multiple offers are common, usually far above list price, & many listings show up on the MLS as brand new, but already under contract. Most have several backup offers in the wings, in case the first contract doesn’t make it to closing.
Cash is king, & sellers, whether banks or short sellers, will always take a cash offer over a financed one. That’s why it’s imperative that before you make any offer, you have a bank confirmation of funds, or else an ironclad lender approval for funds.
If the house you want is in a good area, is in good shape, & is under $500,000, chances are good it won’t be on the market for long. Anything over $500,000 will last a bit longer on the market, but they are moving well too. The investors & house flippers have pretty well taken over the under $100,000 market, & fixeruppers are snapped up quickly. Then they are resold or held as rentals.
Market conditions change weekly, if not daily, so if you need information on anything to do with the Arizona Real Estate market, please call me for clarification. Don’t believe everything you read in the media or find on various websites. Talk to a professional.
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Mary Maxie, Associate Broker, Prudential Arizona Properties
GREEN Master of Real Estate, GRI, CRS, ABR, CSSR, SFR, CRMS, CIPS