In the last 2 weeks we have seen less than positive news regarding the Real Estate Market in the Phoenix area. Luncheons and meetings have been held where people pay hundreds of dollars to hear experts speak on where the Phoenix market is headed. The general concensus is that it may takes us a bit longer to recover.
In every market, however, there are positives. For Buyers, this is one of the best markets ever. Our Phoenix area prices are down. Coupled with low interest rates, this is one of the best times ever to purchase a home in the Valley of the Sun.
For Renters, there is a larger, more upgraded inventory of rental homes. Investors are purchasing homes in quantity and are turning these homes into rental properties. I have seen many homeowners short sale their home and move into bigger, nicer rental properties.
The key to surviving in Real Estate is to move and adapt to the market.
Consequently, our short sale inventory is way up and we have many buyers purchasing "investment properties" that their "children" will live in while the children reestablish their credit. This market, like any market, is an opportunity for both buyers and sellers. Buyers can purchase low priced homes at excellent rates and Sellers can get out from under a mortgage that will otherwise drag them under financially for years to come. The key is simply to be knowledgeable about the market and to react to its ebbs and tides with your future in sight.
If you need help, just let us know. 623-694-0354.
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