It's an Opportunity Market

Well, it looks like we are seeing a new shift in the current real estate market. The past 6 months plus has been a real buyers market. That may be ending. If current trends stay consistent, we may now being entering a new phase which is an Opportunity Market.

For example. Recently a foreclosed condo started at a list price of $89,900. Not bad, 2 bedroom 2 bath approximately 1100 sqft. The bank dropped the price to $74,900. Get your attention? How about this a week later dropped the price to $69,900.
How about now? This unit would rent for about $700 per month? Peak your interest even a bit?
So this opportunity presented itself that was ideal for several different buyers. As former Diamondback 1st Baseman Mark Grace would say, "it was a big ol meat ball right down Broadway". The longer it was "out there" the more interest was garnered. Unfortunately only 1 buyer gets to purchase the property.

I am not advocating running right out & putting offers in on everything you see out of fear of loosing. I am encouraging buyers be ready. The market is shifting again beneath your feet. There are amazing deals that are popping up each day. Be educated, listen to your agent. Be ready to understand what is a good deal for you. If today is your day Carpe Diem - Seize the Day! It is not guaranteed tomorrow to be here. That's not a hard sale, here are the facts:

We are averaging 2.6 sales per day in the entire Verde Valley - Sedona MLS for residential resale. Inventory has dropped again from this time last year, currently we have 311 active Residential Site built homes in the upper Verde Valley.

Oh by the way, the $8000 tax credit expires at the end of November. If you think that is a long time away, September is in just over a week. Closing escrows takes on average about 45 days currently. Add that together and you are easily into November.

I would hate to see you loose out on $8,000. And the interest rate is pretty darn good as well. Do your research, be prepared and get ready to jump when your ship comes in.

Carpe Diem!