There is some encouraging news on the Valley's real estate market. When it comes to homes sold within 24 hours of being listed, Phoenix leads the nation.
While some home buyers are ready to act fast, others take a slower approach.
"Wait, watch, don't overpay," advises Dawn Garcia, a recent home buyer. "Don't be in a rush."
Garcia bought a house in Gilbert after doing just that - keeping her eye on the prize.
Initially, the house was over-priced and unlikely to sell.
"When they reduced the price, I knew at that point I'd better make an offer of some kind before it sold," said Garcia.
Her patience paid off.
But not everyone is willing to play the waiting game. Once a good deal hits the market, it's likely to move fast.
"Flash sales mean here today, gone in a minute," said Marge Peck, a Mesa real estate broker with The Peck Team.
According to a recent study of multiple sale listings in 21 cities across the country, Phoenix leads the nation in flash sales - homes that sell within 24 hours of being listed.
About 540 of them went that fast during the last five months.
Experts attribute flash sales to low inventory and high demand.
"We listed five homes this weekend and I had an agent call me 45 minutes after it hit the MLS and we already had multiple offers," said Peck.
In order for buyers to be successful in this market, Peck said they need to be prepared, and that includes being prequalified for a home loan.
"You want somebody [a lender] that the realtor knows and gets you prequalified so you're ready to jump," she said.
Sellers need to price their homes correctly - not too high or low.
"They really need to listen to their real estate agent about pricing it right - so it creates that excitement about their home and it doesn't become tired," said Peck.
Peck tells CBS5 News homes are selling so quickly these days that when competitively priced, she often doesn't even have time to post a for sale sign. Some buyers are actually making offers based only on pictures and specs they see on the internet.
Copyright 2013 CBS 5 (KPHO Broadcasting Corporation). All rights reserved.
If you have a hankering for a Double-Double, you now have an extra location to pick-up a burger from In-n-out in the Las Vegas Valley.More >
Las Vegas Metropolitan Police asked for the public's help to find an armed robber in Chinatown Friday.More >
A California businessman was sentenced on Wednesday to 90 days of house arrest and five years of probation after pleading no contest to felony statutory rape of a child.More >
A pedestrian suffered life-threatening injuries in an apparent hit-and-run at Bonanza Road and 28th Street, near Eastern Avenue, according to Las Vegas Metropolitan Police.More >
As the video continues, the lava consumes everything in its path, including small trees and the home itself, as smoke and flames start to appear where the lava has made contact.More >
Las Vegas Metro police said they are investigating a shooting that left a father dead and a mother and son injured Thursday morning on the west side of the Valley.More >
Las Vegas Metro arrested two people in connection with a homicide Monday morning, according to an arrest report.More >
A Pennsylvania man who pleaded guilty to fondling a sleeping woman during a flight from Las Vegas has been sentenced to live three months in a halfway house. Wei-Ming Shi, of Pittsburgh, was sentenced Friday in federal court.More >
A mother of five is facing criminal charges after police found her children living in a filthy Missouri home.More >
The family of one of the students killed in a Texas high school shooting filed a lawsuit against the alleged gunman's parents, claiming the shooter's father didn't properly secure the weapons and were negligent in entrusting him with firearms.More >