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.
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