Generally the real estate market fluctuates between the buyer's market and the seller's market. Currently the Metro Phoenix market is leaning towards favoring the buyers. What this translates into is excellent opportunity for buyers to grab that home that they have always dreamed of. Now keep in mind that this means there is a higher number of homes for sale then there are buyers, and there is a lot of competition for the attention of prospective buyers. It would serve any home shopper well to take their time in selecting a home as the market has provided a wealth of choices and opportunities.
In a buyer's market, home shoppers have the advantage of taking their time to look at properties without the stress of wondering if their dream home will be swept out from underneath them. It is easier to avoid this in a buyer's market, however there are still the same preliminary steps that should be observed so that when the perfect home is found; action can swiftly be taken. Mortgage pre approval, as with any home purchase; is essential to the smooth purchase of a home. There is nothing worse than finding that ideal home and then having to scramble for financing only to lose it at the last minute to a buyer with financing already in place.
Buyer's markets are fantastic for buyers as the name indicates. This is the ideal kind of market to be buying in as it is easier for home shoppers to get some great deals on great homes. If the purchase of a home is not an absolute necessity, it could be well worth the wait for your local market to become a buyer's market. Keep in regular contact with your realtor for info on the latest changes and fluctuations in the market and you should be able to time the purchase correctly.
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