Maricopa Arizona - Market Update - July 19, 2009
Maricopa Market Update, July 19, 2009: The Maricopa Market continues to experience a very competitive Buyer’s market. Bank owned inventory is holding steady as demand remains strong. Prices are trending upward as multiple offers on many homes is pushing prices on an upward trend. Appraisals are becoming an issue with the upward price movement. Although multiple offers have put upward pressure on prices Appraisers are closely scrutinizing the market and many deals including bank owned properties are not appraising at the contract purchase price. Needless to say this phenomenon is rather bizarre. Inventory remains low with an estimated 3.72 months of supply. Banks in particular are having difficulty keeping up with the volume of transactions. The home buying process is taking on average 45 to 60 days from an offers acceptance to close escrow. Customer service is not a priority of the banks and Buyer’s should be aware that purchasing in this market is a much different experience than in any other market I have ever experienced. It is crucial to work with a Realtor who understands how Banks operate and has the experience to guide Buyer’s through this process. Logic is something that is difficult to find when purchasing a Bank Owned Property.