4 years ago...with an intrest rate at less than 5%!
Is the mkt starting to come back? With this deal I don't think it matters (to me)...but I will tel you this, I ended up having to out-bid 4 other buyers for this one, and paid 10K over asking price. That tells me yes, for the right property...but more importantly it told me this would likely still be a desirable proprety a few years down the road when I'm ready to sell and prices have gone back up.
PS I'm not an investor or real estate professional...many thanks to my agent, WM. (Hunter) Clark, for his expertise & patience throughout this process!
This is a great time for buyers with homes being reasonably priced, interest rates are still very reasonable, and sellers are paying closing costs on quite a few contracts. Things may slow down a little more going into the Holiday season, but from all the articles I have been reading, home owners should start realizing equity gain by late 2008. Real estate has always had highs and lows, and I certainly think it is a great time for home buyers.
If you're planning on holding the property for any length of time, there's no "right" time to get in. You're not going to know when we've hit bottom until we've come off that bottom. And once we've come off that bottom you're going to have less supply and sellers less willing to offer some of the concessions common to the current market.
South Phoenix incorporates a number of different neighborhoods in a number of different price ranges. If you've got specifics on where you're looking, I can provide you some specific data for that area.
As for South Mountain, it is an up and coming area that is valued for its great access to downtown and Sky Harbor. I would not hesitate to buy a home in the South Mountain area as long as you are planning on keeping it for at least 3-5 years.