Investopedia.com recently ranked Phoenix as one of only seven cities with great real estate deals. Here’s what the article had to say about real estate in Phoenix Arizona:
“Phoenix has one of the strongest economies in the country right now, according to our experts. ‘Good universities in the area have provided a skilled and educated workforce, which has positioned Phoenix as a competitive force in business,’ says Bill Humphrey, senior vice president and managing director of XONEX Relocation, which provides global relocation services for transferring employees.
‘Phoenix is projected to see more growth, especially since the technology, green energy and healthcare/life sciences industries have started to put down roots in the area.’ Humphrey says houses that were selling for $500,000 before the recession are now in the $300,000 range.
Unless you’re visiting MyPhoenixMLS.com for the first time, you’ll know that I’ve been calling Phoenix an incredible buyer’s market for a while now. But the reasons that the Phoenix real estate market has some fabulous opportunities for buyers right now also mean that it’s especially important for buyers to beware. The absolute best deals are probably on Phoenix homes that are short sales or foreclosures. What does that mean for you?
1) It means that you might have to be patient. I’m helping a client find a new Scottsdale home, but her move date is pretty inflexible, so I strongly advised her to avoid Scottsdale short sale homes. Depending on the lender, the short sale process can take two months, or much longer (and there’s no way to tell in advance).
2) Bank-owned homes in Phoenix are sold as-is. I have a gorgeous North Scottsdale bank-owned listing that is in as good condition as my house is, if we’re being honest. But I’ve seen a lot of bank-owned homes that need a whole lot of TLC (and sometimes major repairs). Unlike a traditional seller, the lender isn’t going to pay for any fixes, so you need to factor the cost into the home price.
3) On both Phoenix short sales and Phoenix foreclosures, it’s absolutely critical to get a home inspection by an independent inspector. Because the homes are sold as is without repairs, it’s so important to know what you’re getting yourself into. If you need names of good Phoenix and Scottsdale home inspectors, give me a call.
I agree wholeheartedly with Investopedia (Forbes’ online presence) that Phoenix is a city with great real estate deals. I’d love to help you find just the right one.
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