2006-06-16 08:01:57 · 9 answers · asked by Homeless in Phoenix 6 in Business & Finance ➔ Renting & Real Estate
Homes in Arizona (Tucson and Phoenix specifically) are sitting on the market longer these days. Many forclosures will be coming on the market as people's adjustable rate mortgages keep rising and they can't make their monthly payments. I would say wait a year to get a good deal, but the drawback to that is that rates will be higher then. You'll have to do the math to see which is a better decision.
2006-06-16 08:06:50 · answer #1 · answered by WiserAngel 6 · 0⤊ 0⤋
This is a personal decision to make. I am not a realtor (although being in the mortgage industry am personally aquainted with many) but here's what I can tell you. A lot of it depends upon what area of Phoenix you are looking in. The real estate market in Phoenix has slowed, but the prices have not fallen, and local real estate organizations predict an overall price increase this year of 19%, which is still almost four times the average of 5% annually. The cost of rent is also increasing dramatically. Many houses (particularly recent builds) are now on the market because of a surge over the last few years in investment property purchases. That being said, because of the slow sales, this is a buyers' market. There are a lot of good deals to be had because many people (investors, in particular) do not wish to wait a long time to sell their property. There are any number of reasons for this-some can't find a renter in their area, some have too many investment properties, and some also fear a decline in prices. Much like any investment, the purchase of a home is something that you need to be comfortable with yourself-I wouldn't necessarily take anyone else's recommendations. But there is a lot of good, free information available from experts in the field that might help you make a decision one way or another.
2006-06-16 09:04:39 · answer #2 · answered by K M 3 · 0⤊ 0⤋
Prices are not going down. The market is slow so people are not asking so much anymore.
Now would be a good time to look. Because now you can deal with a seller not like a year ago when you had to buy as is or even offer more then what they were asking. There are a lot of houses out there and it is taking a lot longer to sell. So it is once again a buyers market. Start now and take your time and find what you really want.
Good Luck!!
2006-06-16 08:10:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I would start looking now, it is a buyers market in Phoenix at this time. Many homes are selling slower now because in phoenix a buyer can get so many incentives from builders that they are going for new homes. With that in mind a buyer can get some great deals on homes that are a couple years old because they have been on the market a while and sellers are noticing the fast home sale trend is down. Plus interest rates are starting to go up again.
2006-06-16 08:29:08 · answer #4 · answered by Hollli 3 · 0⤊ 0⤋
The federal reserve meets this month to see if they will raise rates again. The consensus is they will. The real estate market isn't like the stock market. You rarely see extreme corrections from one day to the next like in the stock market. So for now it is a waiting game. If you must buy soon, look for an undervalued property. Here where I live property values average about $80 square foot. If I were to buy a property today I would look for one that is $40 a square foot. Those are very difficult to find but I assure you they are out there. Just make sure to get a proper inspection to see how much in repairs you will have to invest in. You don't want to buy the property from hell. Good luck...It will soon be a true buyer's market...Keep your powder dry...
2006-06-16 08:15:36 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Prices are NOT going down in the Phoenix area. People are buying now. Investors are buying a lot in the area. I live in Gilbert and work for a mortgage broker here. You need to get in on buying a house in Queen Creek if you don't mind the drive. These houses are building equity like no ones business! My brother in law bought his house there two years ago for 139k and I just refinanced it for him for 270k!!! It's only 1200 sq. ft! You'd better look to buy now, prices are only going up!
2006-06-16 09:28:57 · answer #6 · answered by Anonymous · 0⤊ 1⤋
You should actively be looking. You don't have to wait for prices to go down. You just have to wait and find a good buy. Good Luck
2006-06-16 08:06:08 · answer #7 · answered by 2¢ 4 · 0⤊ 0⤋
Not to much longer because the prices of buying a home are not going to decrease anytime soon!
2006-06-16 08:07:17 · answer #8 · answered by doverton26 2 · 0⤊ 1⤋
Just buy.... try to get a good deal. Ask your real Estate professional for help
2006-06-16 08:35:07 · answer #9 · answered by martha t 1 · 0⤊ 0⤋