Now’s the Time to Buy… Ask Me Why?
The financial meltdown has impacted the lifestyles and livelihoods of families across the country.
With our economy largely based on home building, Phoenix was particularly hard hit, as were areas of Florida, Nevada and Michigan. Although devastating, economic downturns are a normal part of the growth cycle and I am confident that Phoenix will recover soon as we diversify.
Prices Are Down
With recovery on the horizon, there has never been a better time to buy a home or purchase an investment property in the Phoenix area. For those with the financial ability and desire, the Phoenix real estate market is ripe for the picking. Housing prices are down, interest rates are in the high 4s, and potential homebuyers have their choice of homes at a range of price points.
Numerous economists project that the Phoenix housing inventory will gradually decrease and that by 2014 housing demand will outweigh supply. Over the next few years, home prices will begin to rise as inventory and sales come into balance. Growth in metropolitan Phoenix is based on our wonderful lifestyle and climate. Inflow migration, a key economic driver, is holding steady. With more than 300 days of sunshine, an average temperature of 74.2 degrees and no hurricanes, tornados, volcanoes, mudslides or snowstorms, Phoenix is a phenomenal destination well positioned for a healthy recovery. There is no doubt that Arizona will rally and the Phoenix real estate market will again prosper.