Inventory Of Real Estate In The Phoenix Metro Area Is Up!

January 26, 2011 by lourie

At the end of 2010 most banks that had removed properties from the market while their files were reviewed for illicit foreclosure practices, flooded the market with several thousands of properties, adding to an already burgeoning inventory.  So while this maybe good news for investors and buyers seeking a home, the consequences have resulted in a huge slowed down in the processing of these files.  Asset managers and banks are sorely understaffed to handle the barage of offers which could ultimately result in a large number of failed transaction closings.  Especially when buyers need to move quickly, or a delay of over 60 days results in a lower appraisal…

To avoid being caught up in this unfortunate situation, make sure you allow plenty of time for processing the sale and any financing you are seeking.  Have your lender approve you for an interest rate that is slightly higher then current market rates and check to see if you can lock your interest rate for longer than 45 days without paying additional points, otherwise you make risk having to pay a higher interest rate.

And by all means, be patient…if you are trying to buy a home that you consider to be a “terrific bargain”, then make sure you allow extra time for negotiations.   Study comparable sales so that you can be fairly certain that the price you are paying will stand up to the scrutiny of a fair market appraisal.  And most importantly…be sure you have competent people working on your behalf…your real estate agent, your loan officer, your home inspectors, and in many states, your legal advisor!

For current market inventory in the Phoenix Metropolitan area: CLICK HERE

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