BrokerAgentNews.com released a good article about the top ten reasons to buy real estate now. The author references specifically Maricopa County a couple of times, but the reasons are still applicable everywhere.
The article talks about how there is plenty of inventory providing a great selection to buyers. A couple of years ago, buyers often had to wait in lines, lists and “play games” just to be considered as a possible buyer. Now, if you can dream it, you can probably find it, and at an affordable price.
I remember in the frenzy the bidding wars that were everywhere. I remember I had this one set of adjoining lots that the buyers and sellers went back and forth on for weeks until the final sold price was 10% above the listing price. Often if you wanted your contract to be considered, you had to give up your right for inspection/due diligence period and offer cash with no other contingencies. Today, buyers are often afforded the time they need to make a good decision and given many opportunities to be sure the home will be right for them.
Now is a great time to buy, pricing is getting affordable, financing is becoming more realistic (not so many misleading adjustable products available) and there is a great selection that allows you to find what is right for you.
I’ve been watching the condo market pretty closely for the last couple of weeks and have noticed that several have gone under contract and many have sold. I don’t know that prices are really coming down too much more and if you have the money and staying power, you should be buying right now.
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