Tempe is a major suburb of Phoenix and is located immediately southeast. Tempe has an ideal location. The city is surrounded by many Valley of the Sun cities. It is bordered by the city of Phoenix on the west, Scottsdale to the north, Mesa to the east, and Chandler to the south. Tempe’s centralized location is easy to access the extensive freeway system that networks the Valley of the Sun.
The Tempe real estate market is growing rapidly. New homes are being
built in Tempe at a staggering pace. Much of this Tempe real estate
is built with foreign buyers and second home buyers in mind. Currency exchange
rates have made buying real estate in Tempe and all over the US in general
much more favorable in the last few years.
Over the last several month real estate prices in the Tempe area has
begun to soften a bit. The softening market has prompted some sellers to
increase incentives to sales agents and buyers, ranging from increasing
sales commissions to reducing pricing. Many believe this presents an opportunity
to scoop up hot Tempe homes at reduced prices.
The reasons for the cooling market include mortgage rates than are beginning to move higher, a temporary oversupply of homes, and the property tax consequences of moving to a new home. Many experts and market watchers say the fundamentals underlying Tempe's real estate market remain sound
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