To Buy a Phoenix Home or Not to Buy - That Is the Question ?

To Buy or Not To Buy:

It seems every day where ever I go I am asked, Is it time to buy? Is the market better? Are people buying now? Will the market get better for buyers?

And my answer is : Yes, it is time to buy, and has been time to buy for the last yr. and half. Rates remain solid at or below 5% for most circumstances. If you are a potential buyers sitting on the fence, NOW is the time to jump off. There is no telling when rates will rise, but rise they will. The question is when and how high. Don't get burned. The  market is better,  and  yes it is getting better for the 1st time in 3yr according to the Phoenix Business Journal and  new research from Arizona State University.


Waiting for that 1/8 or even 1/4 point lower on rates is a gamble and the only benefit you may capture by waiting. If you have the money to put down and you feel your jobs are secure in this wild economy…then go for it.

Arizona State University shows that Phoenix-area housing prices in April posted a year-over-year increase for the first time in three years. The Arizona State University-Repeat Sales Index measures changes in average Phoenix-area home prices from year to year. The latest index finally reveals an estimated 1 percent increase from April 2009 to April 2010. This follows a 13-percent fall from December 2008 to December 2009, a 9 percent drop from January 2009 to January 2010, a 7-percent decline from February to February, and an estimated 3percent drop from March to March. The median price for Phoenix-area single-family homes is projected to be $135,000 for April, which would put the market back at the same level as December of 2008.

“This report reflects an important milestone in the recent housing cycle, with preliminary April data showing the first year-over-year increase in house prices market wide,” said Karl Guntermann, the Fred E. Taylor Professor of Real Estate, who authored the new report with Research Associate Adam Nowak. “Also, prices for lower-end houses and the foreclosure segment of the market, which turned positive in March, continued to increase on an annual basis.” The townhouse/condo market also remains rough. The new index shows a price drop of 26 percent from February 2009 to February 2010. Preliminary numbers for March and April anticipate 19 percent annual decline. The median town home/condo price in February was $86,400, with estimated drops to $83,500 in March and $81,000 in April. The ASU-RSI is produced through the Center for Real Estate Theory and Practice at the W. P. Carey School of Business.

The benefits out way the risk,  the best deals are happening now!  It is Time to BUY NOW...

Here is a link to the article: Home prices show first annual increase in three years - Phoenix Business Journal

Here is a link to the entire ASU-RSI report  
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