Just received confirmation the real estate market in Arizona is improving from a long time friend who sales real estate in the Tucson, AZ area. Just lately, agents in her area have also been receiving multiple offers on property listings plus her area has been upgraded from distressed. The government rates local real estate markets using several factors and many areas where foreclosures are high, prices falling are rated as distressed. Some lenders restrict the amount they will loan in a distressed area, some not at all.
Heck my friend even joked, it’s been so long since agents in her area had to deal with more than one offer on a property, they don’t know how to handle doing so any more.
I have been looking to puchase an investment property for the last six months and this change in one of the worse real estate markets in the country has made me consider looking a little harder. The reason I was in touch with my friend in Tucson was a property she told me about that I am interested in . A nice two bedroom, two bath condo on a golf course listed for about 50% what the units originally sold for. I better lite my own fire and get going.