2005 is gone. Thank goodness, now people that were getting priced out of homes have a chance to purchase homes again. Now buyers won’t have to make multiple offers on homes that have been torn up by homeowners and renters. Sellers are cleaning up and lowering prices Arizona Real estate is a better place.
Arizona has approximately 44252 single family homes for sale as of May 23, 2007. The key to selling a home in this market is having an aggressive price and a very desirable home (clean). Sellers are currently competing against new home builders that are willing to go to just about any length to sell the new homes even some are willing to purchase your home at 90% of appraised value just to get a sale. Some of the new home builders are offering free pools, cars, on top of price reductions
The type of buyers searching for homes can be very aggressive with offers going 5-10k under asking price and asking the seller to contribute to buyer closing cost on top of the lower offer. They have some money down and can afford the payments.
Changes in loan and mortgage programs also are putting a large strain on the zero down low credit buyers. People that could have bought a home that have been waiting for the bottom of this market are now unable to purchase homes because they cannot get qualified as they could have before. Lenders really changed the criteria of what type of credit and debt to income ratios they will lend to.
Although we have this situation in 2007 we can also look at the growth around the valley. The growth is not stopping. The planning in Buckeye and Surprise alone is huge. Buyers that have long term real estate goals in Arizona might have a great buying opportunity now when sellers are willing to help with closing cost and come down on the price. The sellers that get it are selling and buyers are getting a cleaner home with a better price.
Thinking about land in Arizona try using Scott Schulte your Phoenix AZ Real Estate, you can search the Arizona MLS Free
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