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Real Estate Tips: Articles on the Flagstaff Real Estate Market

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Don’t let Buyers Remorse affect your home ownership plan

With declining confidence in the real estate markets as well as the total economic uncertainty nationally, some buyers are becoming uneasy at the prospect of purchasing a home.  Occasionally a buyer will negotiate a contract and then get cold feet before closing.  It is called buyers remorse and it has happened to all of us at one time or another, whether it be in a real estate transaction buying a car or some other item that we are considering purchasing or have purchased.

National statistics indicate that there is a larger and larger spread between pending home sales and the number of sales that actually close.  Although I have no statistics for Northern Arizona it would appear that the same holds true for our area.  When discussing the issue with some of my peers a number of them have told me that they are seeing more transactions falling apart at the 11th hour.  What ever the reason; consumer confidence, or fear of the unknown it is a trend that we may live with for some time in this economic climate.  Many in my profession feel that once the economy improves, buyers will be less prone to getting cold feet and that we will see more and more transactions through to closure.

There is currently a large inventory of available homes in the Northern Arizona multiple listing service.  If you are pre qualified for a loan through a lender, now is absolutely the best time to purchase your dream home.  Interest rates are low and prices are down.  As a result of the federal stimulus plan there may be significant tax incentives for purchasing a home this year.  Qualifying taxpayers who buy a home this year can get up to an $8,000 tax credit.  That credit alone is reason enough not to get hung up with buyer’s remorse.

Certainly there are legitimate reasons to back out of a sale. But in the long run, it's best to review the original reasons for making an offer, weighing all the positive aspects of the purchase, and get busy with packing.

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