Here is a quote from an e-mail that I received from one of the lenders I work with:
"We (Maricopa County) have officially been deemed a soft market or area of depreciation.
What we will see is an adjustment of the LTV (loan to value) lowering the requirements by 5% in some loan programs.
Example: if you have a loan program that allowed a loan to value of 95% it would adjust to 90%. This would require the buyer to come in with 5% more in down payment.
This will tighten up the market some and require the buyers to have some down payment either in cash reserves or coming from the sale of a home."
This will dramatically effect buyers ability to purchase a home because they need 5% more down payment then just a few months ago. Example: If you were to sell your home for $200,000 a buyer would need a minimum of $10,000 down (cash).
This will not effect VA or FHA loans.
Talk to a local mortgage professional for more information on our current market.
Talk to a professional REALTOR if you really need to sell your home.
If you don't have to sell, just sit tight and enjoy your home. If you do have to sell then I can refer you to one of the top 3 agents that work specifically in Buckeye.