So you are looking to buy a home in Scottsdale, Phoenix or other areas in Arizona, you have your lender provided pre-qual letter or cash that is sufficient to close on a new investment property. You reach out to a real estate agent familiar with the area you want to buy. You see a great house but put in a low-ball offer and lose it. This happens over and over again until finally you settle for a home you really aren’t in “love” with….Don’t let this last sentence happen to you.
The media will continually tell you all of the “downsides” of this market, but the reality is if you are looking to buy a house and you find one you love make an offer that represents it! There is a lot of CASH in Arizona right now that you are competing against in all price points. Buyers are moving quickly on the best properties and you MUST do the same. Although there is still an “oversupply” of properties in the metro Phoenix area, the quality homes are not the norm.
With property values reflecting prices we haven’t seen since 2000 and interest rates at ridiculous all time lows, I doubt we will ever see the two this low at the same period of time.
In short, don’t settle for that house that doesn’t have it all. There is no better time to get your new home of your dreams, so when you find that dream home, JUMP!!