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I think the lower price points in our area are having a better sellers market
Inventory is very very low...end of story
Homes are getting more expensive. Wages are not keeping up.
This is true for our market, too.
Lower price points tend to move more quickly
The first time FHA buyer is at a definite disadvantage. The sellers have multiple offers coming at them and theres usually one or two that are cash. 3.5% down doesn't stand a chance. It's sad.
Yes, they are hard to find. I believe part of the reason(S) why is in 2012 Tucson was named one of the best places to buy an investment property. The investors swooped in and bought a lot of properties cash. They have slowed down but even today the 1st time home buyer in Tucson AZ is competing with other home buyers, investors looking to flip, to rent, parents looking to buy for their U of A student (vs no ROI paying for small dorm), second and third home buying winter vistors (some refer to as Snowbirds), and etc. I see less REO and Shortsales compared to like 2009-2011.
Credit and Price Point not an issue.
That statement is not in alignment with the challenges facing affordable housing or first time buyers.
If credit and price point is not an issue, then the entire issue is your buyers are timid. They have to see three dream homes sold to someone else then they will get serious.
It sounds like your issue is not inventory, but buyer education, especially if credit and price point is not the issue.
You mention another issue...negative equity and getting a portion of the market moving. That is OUR job and lends it self nicely to the invisible market. Find those communities that had great sales volume in 2004-2005, and volume has not recovered and there lies your solution. (read some of my AR blogs and pay attention to the DATA that is included.)
There are many townships with affordable homes in my area.
thats the way its here in phoenix in some areas now , great question
have a super month Frank
Yes, we have very limited homes to show. Even the expireds are few.
Frank, affordable housing are limited in my area as well.