Thanks for throwing that out there
Phyllis JC Anderosn, GRI
Most of these agents have been saying it is the 'best time to buy' for a LOOOONG time on here! I debated this issue with one of the agents on here months ago, when the median price was $160K. Now its $125K!!! good call a few months back!!!
read my most recent blog entry on the local market:
Executive summary? 5300 foreclosures in May, 5400 sales. Yes sales went up alot, so did foreclosures. And prices continued to drop, median for february was $125K, down from $130K in January, $143K in December. Notice a trend? Is that trend your friend?
Read my other entries as well.
so yeah, today is the best time to buy in Phoenix. Until next month, which will be an even better best time to buy in Phoenix!!!!
Is it a good time to buy? From a historical perspective - yes prices are extremely reasonable and the best that folks have seen in several years. From a future perspective - no-one can give you a guaranteed answer as to when prices will start climbing again. The best thing you can do is to find a property that has good cash flow opportunity and will provide a good investment for you that you are happy with. Prices are definitely at the level when Phoenix inventory was at an all-time low due to the flood of investors. So what makes this a good time: prices reasonable and can provide positive cash-flow, interest rates at historical lows, rental market is very healthy, inventory of available home is good (>50K houses on the market), tax advantages to investment home ownership which may include tax deductions for trips to Arizona for house-hunting!
I can help you with lots of great data to help you with your investment decision. Areas with homes in your price range, rental history (rental rates, time on market to rental, current inventory of rentals). I can also help you with information on the Arizona Landlord Tenant Act (Arizona state laws) and provide recommendations for a property manager if you need one.
Who knows if now is the best time to buy? But prices are lower here than we have seen in a long time and if you have the opportunity to buy and the desire to spend time in our great state then it could be the right time for you. Depending on what you want to do when you are here there are a number of great deals out in the East Valley. Many winter visitors enjoy this area as well so it could be a good rental depending on the location you decide on. Location will be key in as the market recovers to so try and avoid the outer fringes of town. You will see some very good deals out there now but there is a reason...it is far from many of the amenities we have the luxury to have available to us.
Good luck with your decision and feel free to call me with any questions.
Judy Craven, Realtor, e-Pro, CNE, Certified Short Sale Specialist
Big Land & Homes
There are awesome values in Phoenix area right now! You may want to look for Tempe area to rent to ASU students. Otherwise for that price range you will want to go west in Surprise area.
Feel free to contact me if you have any questions!
With the money being poured in to the economy right now (all 800 billion) we are going to see a gross devaluation of our dollar and in turn hyper inflation like you have never seen.
If you want a good hedge on inflation now would be a great time to invest. Look for property in nice areas with good schools and amenities. Be willing to stretch your budget a little to look closer to the NE side if need be.
There are some good values in the North Phoenix area that are bank owned and need rehabilitation work and the areas are pretty decent.
Good luck in your quest.
Signature Realty Group
I have to agree, now is an excellent time to buy. Just in the last 2 weeks, sales have increased by 900 units and new properties on the market have decreased by 700 units. The foreclosures that have flooded our market are slowing and signs point to prices stabilizing for many places in the valley. Because of the high foreclosure rate, the rental market has been strong and most investors I'm working with have been able to find tenants in less than 2 months. Now that you know your price range, you need to find an area that works for you and an experienced agent familiar with the investment strategies. Figure out the type of tenant you are catering to and look for homes that are close (but not too close) to major highways for commuting and amenities that cater to your market. Also decide if you are more interested in cashflow or appreciation and pick an area that will achieve your objectives. I have an investor right now looking at a duplex in central Pheonix with minor repairs that is selling for only $39k, similar properties rent for $450 per unit. This is an example of an excellent cashflow on a property. I have another client that recently purchased near Desert Ridge for $200k with a rent of $1800, they were more interested in long term appreciation and liked the area for it's stability. Good luck and don't hesitate to contact me with any other questions.
Randy makes an excellent point, there are homes ranging in the prices that you've inquired about in and around the whole valley.
I have a buyer that just bought a bank owned home in El Mirage, 1600 sq. ft. 3b, 2b for $75,000. however it needs alittle work. So, homes are out there. Just make sure you have a REALTOR that knows the market.
At the risk of sounding like a traditional sale person, I have to tell you that we haven't see buying opportunities like this in many years. Some folks say we've NEVER had buying opportunities like this. But you really need to do your homework. The starting point is price, but what area(s)of greater Phoenix do you want to consider? Is cash flow the issue, or is long term ROI your objective? Do you have somebody here to manage the property,or are you going to need to hire a property manager? Can you handle a vacancy factors, just in case? Do you have an experienced, full time,Buyer's Broker to assist and advise you through the searching, negotiating, contracting and closing processes?
Once you have a working relationship with a Realtor, s/he can set up property searches for you, run comparable sales and otherwise guide you through everything. Let me know if I can be of further assistance.
All the best!