Then we resumed looking and we are about to close our new house. It was priced right and on the market less than 2 weeks when we grabbed it. Both the House inspector and bank are now starting to get really busy. Sounds like we are at or near the bottom of the market here in Havasu, as even investers are starting to buy right and flip houses again....
However, you still must really work hard to check and learn values. The type of house we are buying has many similar to it, all in decent locations, for a price range between $229k to $350k...for essentially the same thing. It is all about the financial situation of the seller, as so many are so far upside down. This is a less than 15 yr old 3 bedroom, 3 bath, 1600+ sq ft, tile-roofed house with a boat deep garage (both bays) and plenty of room to add RV garages. Lots of other positives. The buys are out there amidst the upside-down houses that are still headed to foreclosure.
Many sellers here haven't yet gotten the message to drop their prices if they really want to sell. We are looking to buy another house here, but aren't even bothering to look at occupied houses as there are something like 400 foreclosures on the market and I don't know how many Bank-owned properties.
We are currently trying to buy a short sale now and everyone is dragging their feet (seller, bank, and even escrow company) so we are doubtful the sale will even occur...but that didn't stop the selling agent from putting up a sold sign the moment we made an offer (well under asking price).
Once the glut of "weekend homes" owned by folks from the next-door state (who currently can't afford them), then Havasu can resume its climb. This is a great area to live, but I don't think we are at the bottom yet... We're willing to buy now because we think the bottom is close...but we certainly put in a much lower offer than the asking price. If it doesn't work, we'll find another...there are plenty here!