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Things to do In a Buyer's Market
These days with so many foreclosed and lender-owned homes for sale in the market, buyers now have more time to make a decision on available homes. In Arizona, the average number of days an Arizona condominium is on sale in the market is around 96 days, according to the Arizona Multiple Listing Service for the month of February. This shows an increase from 54 days in February of 2007. There have also been a record number of homeowners trying to sell their homes in today's slowed market.
In Arizona alone there are more than 50,000 homes and Arizona condos, of which about 95 percent are in Metro-Phoenix, that were listed in March according to preliminary figures from the Arizona Regional Multiple Listing Service. The market analysts say that a healthy market typically carries about half that number.
Even if the market is favorable to the buyers you need to do your homework if you are trying to find the perfect Arizona condominium as your home. Just try these following five thing. First, get prequalified. Prequalification tells you how much you can afford to spend and what you can expect to pay monthly. Keeping the restriction of money in mind also helps narrow your choices as per your budget. Looking at homes that are not in your price range is frustrating. If you fall in love with a house you cannot afford you may experience dissatisfaction with any other homes that are in your affordability range.
You also have to consider in which location you would like to stay. If you have school going children then research schools and test scores and look into neighborhood services. It is very important to check out transportation routes. If you take the bus, look for the nearest bus route. If you drive or carpool, drive from that area to your office during rush-hour traffic to know how much time it would take to reach office.
It is very important to research the surrounding home prices and have realistic expectations. According to the realty studies program at Arizona State University, sales of existing single-family homes in Maricopa County increased more than 25 percent from February to 5,385 as the market cycled out of its traditional post-holiday slowness. The median home price increased as well though, at 2.1 percent, bringing it to $265,470. That is up from $260,000 in December, according to the Arizona Real Estate Center at
Arizona State University's Polytechnic campus. Nevertheless, there are many sellers who still expect the same condition as last year. They have increased the prices of their homes and do not want to negotiate. It is difficult to budge them from the price they want. You can try waiting it out for a few months and, if the home hasn't been sold, extend another offer or look for another Arizona condos home whose owner is willing to negotiate the price.
Before you decide to purchase an Arizona condominiums home it is very essential to get a home inspection done. This will point out defects or problems that have to be rectified. It also will help determine for how many years the major appliances and features will give you service, such as the roof and carpeting. Before deciding to take loans, it is better to interview several lenders. Have them explain your options. Tell them about the issues that concern you and whether the payment amount is an issue. Choose someone who provides good service and you will know that by how quickly they return your phone calls. Make sure you understand all aspects of the loan you are getting.
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