Wednesday, April 22, 2009

Phoenix Real Estate - Foreclosures Dominate, Meaning Big Savings for Consumers

Recently in Phoenix Arizona, home prices have fallen in just a few weeks as banks seem to be dumping homes. Bidding wars are making it possible for consumers looking to buy a home to get a better deal than they have seen in years!

In some areas, home prices have fallen nearly $40,000. There are great deals to be had, and buyers are winning. The ones who aren't winning are the homeowners in these areas, which must stand by and watch as the values of their homes decline. This is especially painful for those trying to sell their home.

Phoenix area realtors are experiencing great deals, especially on luxury and high end homes. The banks are now selling many of these homes, because owners have lost their jobs. Many have also lost their stock market cushion, which means they need to sell these homes quickly.

If you are looking to purchase a home in the Phoenix Arizona area, there are hundreds of listings that have been hugely discounted. This is especially true in luxury homes, where you can find many that are priced at just half of what they are worth. Your real estate agent can advise you about these great deals, and where they are located.

When you locate what appears to be a tremendous deal, it is important to find a Phoenix realtor who can do a little research for you. You want to know what the owners originally paid for the home, when they purchased it, and what the mortgage on the property is.

Also, keep your eye out for homes that have been on the market for a very long time. Most of these sellers overpriced these homes in the beginning and are now ready for almost any offer that comes along. If you learn of a home that has been drastically reduced in price, it may be time to make an offer. Watch out for deals like this!

Foreclosures are at their highest in decades, which is sad news for homeowners but at the same time great news for buyers. If you are searching for a bargain, there are plenty available. Contact your Phoenix real estate agent to learn more about properties that may be available to you at a steal!

Maureen Karpinski
Find your Phoenix Arizona Property at Cactus Country Arizona Homes & Properties

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