Arizona Real Estate News - Arizona Homes for Sale
High-quality local information and news from professional Arizona real estate brokers. Local Arizona real estate news, information and listings for Arizona. This area is looking for a Arizona author and sponsor!Summertime Real Estate in Arizona Gets Hot!
The Real Estate Market
Summer 2008
We have had declining prices and slow sales since January of 2006. The over-heated market we experienced with high appreciation and easy loans peaked in late 2005. It is my opinion, backed by statistics, that we are at the bottom right now.
At EXIT Realty Cool Mountain and EXIT Realty Cool Valley of Central Arizona we are experiencing renewed interest in properties. Buyers are now looking. We have calls coming in and people stopping by for information. Prices have corrected to levels of reason. The qualified buyer is starting to show his head again.
There are many properties for buyers to choose from and at prices that make sense. Some great deals are sitting and waiting for the right buyer to come along. Both homes and land are available for you. Unlike any other investment item except artwork, these properties are one-of-a-kind. Each is unique unto itself.
Look for the next trigger to bring a spike to sales– an interest rate increase. Yes an increase. The Fed has lowered rates over the past six months and yet there has been little or no trickle down to consumer mortgage loans. The lowered rates have only benefited the banking industry. Consumers have had programs and loan products discontinued. We have had last minute changes that have killed transactions the day of closing. The wheat has lost the chaff now. Most buyers will need to fully qualify for the purchase.
Buyers have been waiting on the sidelines to see what would happen to the mortgage industry and to property values. The shake out has now completed. There is an enormous amount of pent up demand. People need to relocate for a variety of reasons; job changes, births, deaths, retirement to name a few.
If interest rates break upward, those waiting for the prices to drop further or rates to slide down will realize that now is the time to buy. Interest rates are more important of a factor than the actual price of a home over the term of your payments. Example: You purchase a home for $300,000 at 6% interest with 20% down. The payment is $1438.92 per month. If the price dropped to $280,000 but the rate rose to 7.5%, the monthly payment would be $1566.24 or $127.32 more per month. The $20,000 savings in the purchase price will be wiped out in less than half the 30 year loan life.
You see, interest rates do not have anywhere to go but up. The latest word from the Fed is that they will be increasing rates. They must do so because of the value of the dollar in the world. Dollar value is why you are paying an increasing percentage of your income to fuel your vehicles. Increased interest rates will be felt directly by the consumer in higher mortgage rates. Now is the time to buy!
Most investments are purchased after the bottom of a market. That is a true statement in real estate and the stock market. The same is true of a seller waiting too long past the peak and hitting the downside market. The smartest investment is one purchased at the low of the market cycle and for fair value. Now is the time!
A sales associate of EXIT Realty Cool Mountain or EXIT Realty Cool Valley can assist you in finding a great property that protects your most important investment, your home, while prices are at the low and rates are at the bottom. You will not want to miss the bottom if you have been getting ready to buy at the right time. Now is the right time.
Location, location, location is a common saying in real estate. Here is the true secret to success; It’s all in the timing. Now is the time. Now is the time to buy.
Jerry Germansen
EXIT Realty Cool Valley
EXIT Realty Cool Mountain
Broker/Owner
928-632-1600
Discussion Forum
| Topic | Posts | Last Poster |
|---|---|---|
| Lake Norman Best Price on W/F Home in Mecklenburg County | 1 | conchambassador |
| U have best price? POST FREE - PROPERTYFIRESALE.COM (no registration needed) | 5 | JoAnneZidock |
| Where did all of the PMI go? | 7 | dboyer |
| Loan Modification Software | 5 | aiopqw25 |
| financing for real estate and mortgages at 5-10% rates | 1 | thrifty |
| 5-10% financing for real estate and mortgages | 1 | thrifty |
| Do you have the best price today? Post FREE on PROPERTYFIRESALE.COM! | 4 | Greatinfo |
| Advertise Your Condo Listings Today!!! FOR FREE | 1 | mycondospot |
| Interesting Real Estate Blog... | 6 | progressive37 |
| First time owner……..need some good tenant advice. | 5 | progressive37 |
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About Local Author
EXIT Realty Arizona is Growing! At the present time we have 20+ franchise offices and by 2015 we should have 80+ franchise offices in Arizona! Our goal by 2012 is 50 franchise offices with over 1500 agents serving the public with professional real estate services. Our agents are well trained in today’s market and we are constantly improving our training and technology systems. We offer residuals, retirement, death benefits and weekly training to our agents without desk fees! EXIT Realty is the future of Real Estate!
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