Real-estate markets in the US have started to recover from their collapse several years ago. Arizona’s housing market has undergone one of the fastest recoveries in the nation, but unfortunately, that doesn’t mean good news for potential home buyers. Bargains have become hard to find. Real-estate investors have already bought the houses at low prices and are now increasing them. One such real estate investor, Tucson firefighter Keith Kubberley explains that “homes that would have sat on the market a couple of years ago are now getting multiple offers." According to an article by Ted Robbins of NPR.org, “Phoenix-area median home prices rose 20 percent over the past year."
So, what’s the cause of the high prices? Inventory is low. There are fewer houses for sale and fewer foreclosures; 60% fewer in Phoenix than just one year ago.
While this is good news for home sellers, it is not encouraging for those hoping to buy an affordable home. Investors are especially appealing to home-sellers because the deals are almost guaranteed to go through as investors often pay with cash and waive the appraisal contingency.
If you are in trouble with your house payments and are scared that your home may go into foreclosure, conducting a short-sale may be something to consider. Many real-state investors will consider purchasing a home through a short-sale, as the prices are often lower than average.
Real Estate Attorney