There is no doubt Arizona has gone through it ups and downs. In 2005 & 2006 there was an amazing market for Sellers, when property prices doubled from the year 2000 ! What an amazing time that was,…. such hype… so many refinances, so many second loans and HELOC’s, people purchasing dream homes and also acquiring loans and mortgages for more than they could actually afford. Where did it get us? To a ‘recession’, or should we say ‘depression’?
The following years were challenging, families losing their homes, either through foreclosure or Short Sale. Thank goodness for the Anti Deficiency Law Act that included Arizona. Families were fortunate to be able to sell their homes, in agreement with their Lender, through the short sale process. This method of selling homes has really been the status quo for the past few years and it is expected to continue a few more years.
What’s happening Now ! ! !
Our inventory is LOW, there are not enough homes to satisfy Buyer needs.
When we do introduce a new listing, it doesn’t stay on the market for long, homes are immediately swept up by Buyers. We continue to have a strong influx of Investors who are making cash offers and we’re dealing with bidding wars and overpriced offers. Our traditional financed buyers are struggling, putting in offers on homes, based on what they qualify for but they are being outbid by the investors. What a drastic change and a difficult time for Buyers right now.
BUT, where there’s a WILL, there’s a WAY !!!!!!
What Can Buyers Do ????
BUY LAND !!!!!
There is a golden opportunity at the moment. The buying rage has not yet hit Arizona’s Vacant Land. So be the leader… consider your options while land prices are still down. It’s the perfect time to buy land in Arizona for a steal before the prices sky-rocket. Great parcels are available, whether you are looking to build your retirement home or a subdivision parcel, maybe a lot for a mobile home?
While still affordable, now is the time to consider your picturesque, breathtaking land with spectacular mountain views where you can build your dream home.
Realty ONE Group
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