We are starting to see multiple offers being made on properties in the Phoenix area. This seems to be particularly true for properties priced under $100,000. There are a lot of people purchasing second homes and a lot of investors buying properties. Prices are low enough that buyers are coming back into the market. In October there were roughly 39,000 properties available for sale in the Phoenix area. Currently there are about 28,600 properties available for sale. This is a significant reduction.
What does this mean for you? If you have been waiting for the market to hit bottom before purchasing a home, now is a good time to start the purchase process. Interest rates are still low and housing prices are affordable. Start by talking with a lender about the loan options available to you. FHA loans are still available that require a 3.5% down payment and allow the seller to assist the buyer with closing costs. Once you have been pre-approved for a loan, contact a realtor to assist you with the home buying process.