What happened to the Buyer’s market in Phoenix
Sunday, June 14th, 2009 | Investment, Real Estate
Just a few weeks ago any buyer who wanted to purchase real estate in the Phoenix valley would usually put in a discount price and ask for a list of concessions. Since the market was so distressed and so few buyers, sellers especially bank owned properties would jump on an offer. Now all of that has changed.
There has only been one of my buyers who was able to purchase a property with only one offer. All the others have found that easy pickings are not as easy and better get there first. I have one client who has put in 8 offers at or above list price. This buyer has great credit, cash for a hefty down payment and a short list of desired options. But my client is still looking for a home.
Every agent I speak with is reporting similar buying challenges.
I won’t bother to write why I think this has happened. I just want to warn prospective buyers. Get ready to work for a great deal. The sellers are watching their properties move.
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