Reasons To Take Advantage Of The Arizona Housing Market

Our economy being what it is these days, many people are putting off purchasing a new home

. Although that may be a good thought initially, as soon as you delve into market research, youll discover that theres no better time like the present to pick up an Arizona foreclosure for investment purposes. Heres why:

1.Extremely low interest rates. If you still have a job, and can afford to make a monthly mortgage payment, now is definitely the time to buy an Arizona foreclosure property. In another year (or even a few months), rates are bound to go up again. Lock in low rates now, while you still can! Get all rate locks in writing (separate from your loan application). Also, make sure the rate lock shows the loan program, the interest rate and the total points.

2.Great cash deals are available. If youre fortunate enough to have enough cash on hand to skip on getting a loan altogether, you can probably negotiate a sweet deal for yourself from the seller. Many sellers are much more motivated by cash in hand than they are by the thought of a bank loan that could take months to process. As a result, you can score amazing properties in the Arizona housing market for fantastic prices.

3.Lower rates offered by construction companies. If youre considering Arizona foreclosure properties that are fixer-uppers, you should jump at the chance to buy. Construction of new homes has been through the floor over the last few years, which means that contractors are cutting their rates to stay competitive and bring in new business. As a result, home repairs (including new roofing, flooring, landscaping etc.) are cheaper than ever.

Always inspect the property and read the contract carefully before signing. Of course, before buying anything on the housing market, you should have the home inspected by a professional this can save you a lot of time, money and headache later on. A lot of Arizona foreclosure properties are great deals right now, but you should always know what youre getting into before signing your closing documents.

by: Sandra Wilken

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