Buying a home under $200,000 in Chandler, Arizona? Get ready to bid.

chander az homesIt’s like some weird time warp that almost overnight has taken us back 4 – 5 years when buyers were frantically bidding on homes and paying thousands over list price.  This bidding frenzy is the norm on homes priced under $200,000 in Chandler and buyers who are using FHA financing, once again are feeling the pain.  Why?  Appraisals. 

Yes, here we go again.  Some homes are receiving 15-20 offers after just a couple days on the market, which bids the price of a home up… often above what the home will appraise for. 

Many of these homes are bank owned and those that are, are in some need of repair, but first time home buyers and investors are grabbing these homes as soon as they hit the market.

A client in town last weekend was very disappointed as it appears they’ve missed the boat.  When they were here 6 months ago, there were plenty of homes they liked in their price range, but they felt the market was still in decline and decided to wait.  Last weekend they found not a single acceptable home in their desired price range and had to increase their minimum price by $25,000 just to find a couple homes they liked. 

Then they said it.  They said what I’m hearing a lot these days…”We wish we had listened to you.”  I wish they had too.