I write this tonight after hearing some input from buyers around Arizona. When I say buyers, it is because they were working with other agents trying to purchase either a Short Sale, Bank Owned Listing, or Traditional Listing that I had listed for sale.
Here is an Article on the WSJ that talks about the Bidding Wars: WSJ Article: Arizona Bidding Wars
The market has done a complete 180 in the past few weeks. From having a ton of homes on the market, to now seeing people lining up at the doors to put in offers. I have listings that receive 15+ offers within 24-48 hours. For example, a Bank owned listing in Gilbert listed at $114,000. Within 3 days I was looking at 31 offers in hand. With investors offering upwards of 150,000 with no inspection period, as-is, sight unseen.
This is very frustrating for buyers looking to purchase a home for themselves. This is not just happening in the lower price point homes. I have a buyer of my own looking for a home around the 750K-1M mark and we are seeing the same thing. Granted, not that many offers, but 1 or 2 other offers, and typically slightly above list price.
The Arizona Real Estate Multiple Offer frustrating is going rapidly. Arizona Real Estate is not what it was 1 year ago, 6 months ago, or even 2-3 months ago. It has changed. Banks are holding inventory and releasing less and less. There are short sales, but they take months, and even those are now receiving a lot of attention as they are about the only homes left to try and purchase.
With that being said, the prices are going up. Home builders are taking note and rapidly firing up their communities and getting spec homes on the ground. What does this mean for you?
If you have an experienced New Home Agent, such as myself, I go in and negotiate Great deals for buyers on a new home. There is no bidding, no wondering if you got the home. You pick your lot most of the time and have it built with your style in mind. Arizona New Homes are often priced just as good as a short sale and bank owned home. The best part about a Arizona New Home is that it is just that, a brand new home. It has a extended warranty, it is move in ready, no one else has lived there.
There are special incentives, great rebates, and even incentives that are not advertised available. Contact me today for more info or visit our Arizona new Home search for more info on arizona spec homes and arizona new home communities.