Have you been visiting Arizona for many years now and have been on the fence about buying a second home, vacation home, or a place to retire? Arizona’s real estate market is falling almost as fast is it sky-rocketed. If you’ve been thinking about buying a home in Arizona, and you have means to buy without getting caught in a loan that will turn you upside down, now might be the best time to catch yourself a great deal. Between foreclosures of houses (even houses once valued at $600,000+) short sales, auctions and other schemes that the banks come up with, you could just land yourself one heck of a deal on a very nice home. We’re all familiar with the events that led to this economic situation, but a local real esate agent in Sedona offers his insight and explains why now might be one of the best times to buy a home in Sedona and other Arizona cities:

In today’s buyers market, timing is everything. Many homes are priced to sell right now. Knowing when, what and where to buy real estate can be intimidating. There is no doubt that the real estate market in Sedona has changed dramatically in recent history. Depending on who you talk to, there are several reasons why the market is where it is today, here are a few possible factors:

1. Home prices were rising to fast and the market could not keep up.
2. The lending industry loaned money to consumers who were not qualified.
3. The supply of homes did not meet the short term demand.
4. The economy, politics, job market etc…

All we have to do is turn on the evening news for another report on real estate and the housing situation we face today. Whatever reason you decide to believe, the bottom line is that we are currently in a period of correction. While this correction period is not the best news for sellers, buyers are in an excellent position to purchase property at a fair price…”

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