Despite the guru fed “misinformation” about all these under market price deals, they are actually very rare and require (1) the investor recognizing value that the seller and the rest of the market misses or (2) a seller with a need for an immediate sale and a buyer with the CASH immediately available to conclude a very quick closing usually forgoing inspections, financing, and other contingencies. 

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Personally, I would never live in PHX, but that is all personal biases (I prefer seasons and greenery), and clearly lots of people choose to live in PHX.At the end of the day, I would argue market selection almost only comes into play when you are talking assets that cater to institutional buyers that have to get investment committee sign off. 

Any good deal is very easy to find a buyer.

That is the basic run down, I would suggest syncing up with a real estate knowledge accountant for your specific situation! 

.•30-Year Fixed Mortgage Rate: 7.10%•15-Year Fixed Mortgage Rate: 7.35%•Fed Funds Rate: 5.25% - 5.50%•10-Year Treasury Yield: 4.45%•Housing Inventory: 632,000 active listings (33% with price reductions)With home affordability still a concern, any shift in rate expectations could have a major impact on both buyer demand and investor financing conditions.What Analysts Expect from This Week’s DataCPI Inflation Report (Tuesday, February 13)The Consumer Price Index (CPI) measures changes in the cost of goods and services, serving as a key indicator of inflation.

Regardless, I'm a buyer as well.

Again, if you learn some of the basics, you won't be so nervous about the problems you will eventually face.Start with BiggerPockets Ultimate Beginners Guide (free).

This is their full time job and they collect a fee but are still able to pass along strong deals to end buyers.

typical blue sky ... buyer beware...