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Howard Harris Real Estate Expert

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What Kind of Homebuyer Are You . . . Decisive Or Woulda, Shoulda, Coulda?

Apr 26

filed under: Buying A Home, Market Conditions

Before you read this short blog STOP and read this. . .


For all my clients that have purchased a property in the past couple of years, are currently under contract, are actively looking this very moment OR are thinking of purchasing in the Phoenix area,  this article will mean different things to each of you.

There is no question that the market here in Fountain Hills, Scottsdale, Phoenix and all the other outlying areas in the valley is now a “sellers” market. For those of you who think it’s still a “buyer”s market and you can wait till the cows come home to purchase at historic low prices or think you can make a low ball offer, you need to get with the program, wake up, get off whatever you are smoking and face reality.

Inventory is very low. Multiple offers abound, it’s getting harder and harder to purchase a first time home, a move up home, a second home or an investment property in the Phoenix area.

If you are waiting for tons of “shadow inventory” to show up, you will be waiting a long time for that to happen too. Right now we could use some of that so called “shadow inventory”. Many of the properties that have been sitting on lenders books are being bundled up and sold to heavy hitter investors, sorry that is not most of us. The foreclosures are not coming on the market the way they have over the past few years. Short sales are getting done and foreclosures are down a bunch.

No this is not going to be 2005 all over again, prices are not going to double, or go up 50%, but they are going up. Good news for those of you who purchased within the last couple of years. Those of you who are actively looking, don’t let this information remove you from the market. Those of you who are currently under contract, be glad you are. Hang in there if it’s a short sale, they are getting done. Going forward short sales are going to get done even faster with some of the new regulations about response time frames for Fannie Mae and Freddie Mac properties. Don’t be afraid of buying a short sale, the horror stories are fewer and fewer.

Prices are still extremely low, interest rates are off the charts low, the bargains are still out there, but they won’t last forever.  For those of you who are thinking of buying, get off the fence, we hit bottom in Arizona quite a few months ago. Be a decisive buyer,  don’t find yourself looking back and saying “woulda, shoulda, coulda” . . .

If you are looking for a good agent that knows the market, contact me, let’s get started TODAY on finding you a home.

Written by Howard Harris