Many buyers that ARE in the market to purchase a home in the Phoenix and Mesa, Arizona market have an unreasonable expectation of what homes cost. They hear all about the “deals” out there for $50,000 $60,000 and up, and are looking at those prices. And they want a four bedroom, pool, three car garage, etc. I’m even hearing such things as “that home is way overpriced!” Really? How does the buyer know that – unless he/she hears that from a friend, or a news' report, or reads the newspapers all about what is really going on. How about “asking” your Realtor?
EVEN if - as many are concerned about, the property is overpriced, it likely will not appraise! Typically, those low ball prices indicate a beginning price, or the property has major issues. Even up to $100,000 is a questionable number when purchasing a nice home – including Arizona.
Many are walking away from the short sales. One warning for all of those buyers considering of a short sale, and thinking what a great deal they will get. Yes, SOME may work, but the majority do NOT.
For one example: What if you make an offer on a short sale, and the seller, as most do, has a second on the property? What if the second lender won’t acquiesce on the money owed to them? Then what? I’ll tell you what!! For months you wait – the first finally agrees on a dollar amount - but the second won’t budge.
The deal falls through. Simple as that. Never mind that the second loses its entire dollar amount owed if the home is foreclosed upon. I was showing a home on Saturday, spoke with the listing agent, and after months of waiting, this exact scenario happened, and the buyers walked.
Consider purchasing from a seller with whom you can negotiate, and who will make those repairs, and provide you with the disclosures and insurance information that is important. On Saturday, last, I showed several homes – one of which was listed by a seller! It was comparable in size and in price – and in STELLAR condition.
Yes, this is a great time to buy a home, but do so wisely. Work with an experienced and knowledgeable Realtor who can advise and counsel you through the process.
Mesa, Arizona Real Estate. Call me at: 480.216-3334 for information on purchasing or selling a home in Mesa, Arizona or surrounding towns. OR email me: Teri@TeriEllis.com. Feel free to visit one of my websites: HomesAzRE.com, ServingMesaArizona, MoveToMesaAz.com or MoveToSunnyAz.com. Or stop by my blogs at: MesaAzRealEstateVoice; or Phoenix Valley Real Estate Blog