The Phoenix real estate market is changing and changing fast. Over the past 3 or 4 months, we’ve seen more and more multiple bids on every home under $250K. Some of this is due to the $8000 tax credit for first-time homebuyers, which will end within 90 days. But that's not the only factor. About one-third of all these home purchasers are investors who are paying cash, which makes it tough for first-time homebuyers to compete against.

There is NOT a lot of time left for first-time homebuyers to secure a home and close by November 30. Almost all of the first-time buyers are facing the same circumstance: having to bid on 3 to 5 homes before they win the bid. At this point, we recommend that buyers make their best and highest offer right up front. Even when doing so, we are still seeing many listings sell for way above list price.  We caution all buyers to bring A LOT of patience to the table.

I did hear a couple of times this past week or so that Congress is considering extending the tax credit deadline. At this point, though, we have no real proof that this is true, so we’re operating on the original schedule – and you should too if you are a first-time homebuyer (meaning you haven’t bought a home within the last 3 years). Click here to read all the details about this program, or download our free eBook.

If you have any questions about whether this is the right time for you to buy or sell a home in Phoenix, be sure to give us a call at 602-595-8900. 

PS: Be sure to check out the Labor Day Activities going on around town. Enjoy your holiday!