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Start ReadingToday's real estate climate in Arizona has changed dramatically. The great deals can still be found and the foreclosure prices are still in effect on many homes.
With an average 4 1/2 months of supply of inventory in the Maricopa County market , the competition the has become obvious. The homes that are in good shape and the $200,000 and less range have been scooped up as quick as they hit the market. These are the homes that the investors are interested in and have really increased the competition. Many homes in this range upon hitting the market, receive multiple offers in excess of asking price within days.
It's quite a different story than it was a couple of years ago when empty houses sat on the market for months while investors / buyers were sitting on the fence. Back then the inventory level was 11 to 14 months of supply in the Maricopa County marketplace. Many potential sellers are sidelined since they have lost so much equity on their home they can't afford to sell. Many potential buyers have taken a hit on their credit and can't qualify now for a home. Expect inventory levels to stay low until prices recover and these sellers enter the market and increase the supply to the normal level of 6 - 9 months supply.
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