Is it a good time to buy in Phoenix?

Asked by Trulia Phoenix, Phoenix, AZ Wed Mar 21, 2012

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9
Blair Ballin, Agent, Scottsdale, AZ
Thu Mar 22, 2012
In general the answer is yes. But it also depends on where, what price range and other things.
I wrote this post about a month ago: http://blairballin.com/phoenix-real-estate-update/ and it kind of summarizes the same things.

I will add that if you are looking for a home under $400,000 in most areas it is tough to find a situation where that home does not have multiple offers already.

Additionally, most areas are also showing an upward trend in prices, so if buying a home was already in your future, I would suggest to buy something right away.
1 vote
Brenda & Ron…, Agent, Mesa, AZ
Wed Mar 21, 2012
It is an excellent time to buy in the Phoenix Metro area. Prices are below replacement costs. The market has been improving, and although prices have increased they are still historically low. Most analysts feel that this year is the turning point in the market, so why would anyone wait who was considering purchasing a home. Prices are down and interest rates are great.

You will find quite a bit of competition in the market with many properties receiving multiple offers, but be patient and you will be glad you purchased in this market.

Builders are back in the market as the market begins to heat up as well. So my suggestion is to hook up with a great Realtor who will assist you through out the home buying process.

If you want to search like we do you can use this MLS link:
http://link.flexmls.com/ua70wacvime,12

If you are interested in buying or selling in the Phoenix Metro area, please do not hesitate to contact us, we would love to help!

Best Regards,

Brenda

Brenda & Ron Cunningham
West USA Realty
Brenda: 602-980-3133
Ron: 602-499-0694

**** Recognized in the Phoenix Business Journal as "One of the Top 50 Realtors in the Valley" ****
1 vote
Ann Griffin, Agent, Mesa, AZ
Wed Mar 21, 2012
Wow, now there's an open-ended question! In general, since prices are near historic lows, and interest rates are at historic lows, the answer has to be, "Yes."

But like any good Realtor, of course I need to throw in a qualification or two. If you are looking for a bargain-basement property even as a cash buyer, or you are a first-time buyer looking at prices under $250,000, be prepared for a roller-coaster ride.

Cash investment buyers are making it a challenge for buyers getting mortgages to compete for moderately priced properties. I've seen some buyers give up and decide to rent until things simmer down. Even the cash buyers will often have to bid above list price to get the property.

The number of homes available for sale has also dropped, but there's some question as to whether an influx of foreclosed homes may add to the inventory in the near future. If that does occur, it should hold prices steady and make it easier to successfully bid on a home.

Having said that, some people are asking me if they should wait. Wait for higher prices, or higher interest rates? Which would you prefer? So my advice is still, get yourself a good agent, be diligent in looking at properties, and get going.

If you are in the market for a luxury property, it's still a buyer's market, so go find your new dream home.

I'd be happy to answer any more detailed questions via email.

Sincerely,
Ann Griffin
Prudential Arizona Properties
480-789-9584
ann.griffin@pruaz.com
1 vote
Lorrie Feld,…, Agent, Scottsdale, AZ
Wed Mar 21, 2012
The market has heated up in Phoenix as the inventory is the lowest it has been since 2005. If you are planning to finance the home then it is important to know that the interest rates could go up by the end of the year. They have already increased over the last month. We are seeing statistics that the average price of a home is inching up. This is due to all the cash buyers coming in and buying up so many of the homes here and first time buyers finally being able to find homes that are affordable to them.

Take a look at this link for your home search. It has all the listings available to us as agents. Just make sure to choose Residential under Property type and scroll down to the bottom and choose Active under Status.
Good Luck
Lorrie Feld
Keller Williams Integrity First
1 vote
Sonny Shriva…, Agent, Goodyear, AZ
Wed Mar 21, 2012
Hello - what a great question!

Whether or not it's a "good time to buy" depends on what you consider "good" and what your goals are. If you are wanting to buy a home as a primary residence, I can tell you that inventory is the lowest it's been in the last five years. I sell an average of 100 short sales and foreclosures annually, and we have multiple offers way over asking price on almost every single listing. This is now the norm in our market.

If you are an investor, cash flow opportunities abound. I sold a condo to one of my investor clients for $61,000. It will generate $800/mo in rent. The buyer put down 25% and financed the purchase using conventional financing. The cash-on-cash return is close to 30% - other than Apple stock, where else can you invest your money and get that kind of annual return?

We have seen market appreciation in the Phoenix area since November of around 1%-2%, and forecasts point to positive signs moving ahead. You should remember that real estate markets are local, so what you read about and hear in the national media has little relevance here in Phoenix. We were the first bubble to burst, but we are also the first market to show dramatic signs of recovery.

Please give me a call at 480-302-9650 if you would like expert buyer representation at no cost to you. We are in the top 3% of all agents according to the Phoenix Business Journal and are experts in this field. We will take great care of you!
1 vote
Phoenix Owner, Home Owner, 85021
Tue May 15, 2012
I bought a Fannie in January after I bid on many homes that had been 'flipped' and I was outbid on all of them. I was cash buyer who planned to live in the house. I realized I could not take it any longer and changed my game plan. Fannie gives 15 day window on their properties to live-in buyers and (Homepath if you finance). I found a home the day it came on the market (I was watching daily), put in an offer of all cash at the ask price. It went under contract with only my bid (I was VERY VERY lucky for that), and I managed to talk them down 3% from the ask. I closed and did a 100% renovation ex the roof which had already been replaced recently. I had never done such a thing in my life, and let me assure you renovating a home with multiple contractors, city codes, SRP, and all the other things is beyond stressful, IT IS A FULL TIME JOB. However, when I look at the homes I put offers on and lost in bidding wars, I am now thankful I didn't get any of them. Why? I did my home exactly like I wanted, got a phenomenal neighborhood, invested about 130K CASH in the house (house is paid for), and the best part...a neighboring house I also bid on sold for 101K to a flipper, and recently went under contract with an ask price of 219K. I think its fair to say instead of paying for a flip, renovating a dump and living in it may be the way to go for many of you (You have a 15 day window to buy investors don't have, they have to wait). If you are a buyer, I seriously recommend you consider this option, because as I learned (I was not a first time homebuyer) the market is FAR more competitive then you think. Instead of paying for the flip, do it yourself, take the headache for a few months, and then sit back and soak up the equity baby! I know for fact I have at least 50K in profit on this house...and I know I would get multiple offers if I listed it, they were offering to buy it during the renovations. I must add, my real estate agent, WHO I FOUND HERE ON TRULIA, was a rabid bulldog--best ever!...that helped too! Good luck buyers
0 votes
Sean Heideman, Agent, Phoenix, AZ
Thu Mar 22, 2012
My company prepares a Phoenix real estate market report that shows trends in residential real estate prices. To view a copy of this report, please click on the following link:

http://www.positionrealty.com/pdfdocs/Phoenix_Residential_Ma…

According to the report, now is the best time to buy since prices are going up, days on market are going down and the number of transaction are up. Also, the overall macro-economy is improving nationwide. Now would be an excellent time to buy to take advantage of the low prices.

Sincerely,


Sean Heideman, Broker
Position Realty
Office: (480) 213-5251
0 votes
Elena Martin…, Agent, Scottsdale, AZ
Wed Mar 21, 2012
Perfect time to buy in Phoenix ! # of sales have increased steady, prices are still very affordable ! This trend will continue now for another 7 to 8 years. Prices will probably move up significantly higher by end of this summer.
0 votes
Mamta Jain, Agent, Phoenix, AZ
Wed Mar 21, 2012
Market is inching up...helping many clinets who have been on side line. Would love to help you. Feel free to contact me at: 602-361-9292 or azdesertliving@hotmail.com

Experience:
• Highly skilled and goal oriented professional with extensive experience in real estate acquisitions
and selling
• Excellent real estate credentials including residential sales and acquisitions, land acquisitions,
commercial real estate, and investment transactions.
• Comprehensive and productive customer service
• Source of business is marketing, networking and referrals
• Well versed with Microsoft Office Suite and Microsoft Windows applications, Scan Soft PDF
Professional, Quicken Books
• Bilingual in English and Hindi (India)
Education:
• Certified from CFS for selling REO and Short Sale properties
• Certified in Land Sales
• Graduate from Arizona school of Real Estate & Business
• Certified in Facilities Management
• Masters in Architecture from Arizona State University
• Bachelors in Architecture from Manipal Institute of Technology, India
Community Involvement
• Intimate connection with local ethnic community
• Taught Hindi language to children and adults at local temple
• Managed and contributed Toys for Tots program for many years.

Honors/ Awards
• Coldwell Banker: Bronze circle awarded in 2004, President’s circle awarded in 2005 and 2006,
Top Producer awarded in 2005, Best Customer Service awarded in 2006
• Clients have testimonials published on Mamta’s website at http://www.realestatearizonatoday.com,
http://www.linkedin.com/profile/view?id=39425546&trk=tab_pro…
http://www.stik.com/ArizonaRealEstateToday
0 votes
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