If you missed the 2011 opportunity, it is time to begin thinking about buying a home in Mesa Arizona in 2012. The Mesa AZ real estate market has had its ups and downs over the last year. When the year started off prices were still moving down, inventory levels were up and banks were still foreclosing on homes in record numbers.
By the month of May something significant had started. Banks began to re-look at their foreclosure procedures, under pressure from states and the federal government. Fannie Mae and Freddie Mac reported multi-billion dollar losses. Inventory levels began to shrink. This has made buying a home in Mesa Arizona more challenging.
By the end of summer a record numbers of sales and continued shrinking inventory had become the real estate norm. Listings were going under contract much quicker and multiple offers on homes were becoming common place. These are some additional conditions that made buying a home in Mesa Arizona more challenging.
The last quarter of the year has seen extremely low levels of inventory. Very few foreclosed homes on the market and a steady increase in home values. Buyers are finding it much more challenging to get under contract making buying a home in Mesa Arizona more challenging.
There is some great news here for buyers and sellers for 2012. Home sellers should be able to get their properties under contract quickly. Sale price to list price has come up and this should continue in the first quarter. Buyers can expect prices to remain at their current low levels for some time. Buyers who are aggressive and take action quickly will be able to acquire homes even with the high level of competition and lack of inventory.
Buying a home in Mesa Arizona in 2012 may be a little challenging. That is why it is important to have a good Mesa Realtor® who can help you navigate the current market and the unexpected changes that may come. Your Mesa AZ Realtor® can make buying a home in Mesa Arizona less challenging.
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