I’m working with a client who would really like to buy a house in Phoenix. However, it’s been a bit more challenging than expected. Short sales. Lender owned. Multiple offers. Backup offers.
Many buyers coming here from out of state are shocked by how active our real estate market is. And when you look at a chart like this one, showing the decline in Median Home Listing Price for Phoenix over that past two years, you can see why the world has the impression that the Phoenix real estate market has tanked.
And in a sense it has. Price are incredibly low right now. Sometimes lower than when the home was purchased 10 or more years ago.
Yet, buyers are buying, so there’s quite a bit of competition for homes that are priced well. Buyers don’t have to look at many homes to become educated on value. And then when they do find the house they want, time is of the essence.
One of these days, and hopefully very soon, we will see home prices stabilize.
For now, buyers need to get their financing in order, and get educated on pricing, location and value. Then, be ready to roll, and know that it may take some time to get an accepted offer.
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