For the record, and in the interest of a disclaimer, I don’t recommend trying to walk across a freeway. Except maybe Loop 202 down in Jay Thompson’s neck of the woods since no one uses it anyway.
Seriously, though, don’t do it.
Having gotten that out of the way, a lot of buyers right now resemble pedestrians trying to cross a busy interestate. They may get one foot in the road but quickly turn back when they see the pace and sheer volume of cars on the road.
Some turn away only momentarily. Some are turning away for good, convinced there is not an opportunity to purchase in such a market.
And that’s a shame.
Depending on what kind of property you’re looking for, purchasing in the Phoenix real estate market either can be fairly easy or really difficult. If you’re chasing the listings under $100,000 (and especially under $50,000) you’re soon going to discover a traffic jam of multiple offers sitting in front of you.
This, incidentally, is one reason I have stopped previewing bank owned and similar properties for out-of-town buyers except under special circumstances … in the time it takes me to get to the house, the listing agent’s fax machine and e-mail and getting filled with offers.
If you think I’m exaggerating, please revisit the other day’s 30-offer scenario.
The rules of the game are different … the inspection period again is a buyers’ best friend as it allows a buyer to make multiple offers, get a home under contract and then make a final decision on that house.
(Side note: some may ask whether it’s fair for a buyer to make offers on multiple homes at the same time … if they buyer is willing to purchase the home if the offer ends up being accepted, why wouldn’t it be?)
There always – ALWAYS – will be reasons you can come up with not to buy a home, some with a stronger basis in reality than others.
Interest rates ticked up a quarter point or the Canadian dollar only got to 92 cents and not to parity or the Phoenix market still hasn’t reached bottom or I read somewhere that a flood of foreclosures is pending or there always will be more homes or maybe this or perhaps that …
Take a serious look at your circumstances, first of all. If you’re in a comfortable enough position to consider buying then move on to step two – overcoming all of the excuses for why not to buy even as you look at homes and commit yourself to the decision. Once you do that, you’ll find a lot of the things holding you back simply will melt away.[tags]Phoenix real estate[/tags]