While you can still find & buy a great bank-owned home on the market at a discount vs. a traditional or short sale property in Arizona, the discounts aren’t quite as steep as they were during the height of the recent recession, and the selection isn’t nearly as wide and varied. This is due to the fact that the inventory of homes on the market has been dwindling. With more buyers on the hunt, there are fewer properties to go around. In your search for a home in Arizona post-recession, you’ll want to familiarize yourself with current market trends, and, while it doesn’t take the place of a seasoned real estate agent, this article will help you get an idea of the current “mood” of the real estate world.
In this time of low inventory and high demand, banks aren’t as desperate to get rid of properties. It’s important to understand that while lowball offers (and offers making special requests such as the bank covering the buyer’s closing costs) were accepted quite frequently not too long ago, banks have fewer foreclosures up for sale and more people interested in the ones they do have, and so they can be more choosey about whom they sell the properties to and at what price. If you’re serious about a home, you must be ready to make the very best offer you can.
Be prepared to make offers on multiple homes. Now more than ever, patience is required for those looking to buy a foreclosure. There is always a chance that the bank will reject your offer, especially if you’re going to be using a non-conventional route to purchase the home, such as an FHA loan. It’s certainly not impossible, but banks are generally going to go down the easiest path for them when it comes to accepting an offer.
You may feel driven to pick up a bargain while prices are still relatively low, but you don’t want to get into a long term deal that will strap your finances for the foreseeable future, negating the benefit of getting a good home at a foreclosure discount. Keep to a price range that is within your means, and be sure to account for any repairs the home will need.
In the fast-changing Arizona home market, you need someone in your corner with experience, knowledge, and your best interests in mind. Buying an Arizona foreclosure is made easy when working with the right Real Estate Professional. The banks aren’t concerned about you or your family’s needs and goals—but we are. Contact us today and let us help you find the perfect home for you, at the right price.