The old saying goes "when you realize the market has bottomed, it already has passed". Buyers are looking for the "right time" and while nobody has a crystal ball, there are certainly some facts that show that now is a good time to buy! Here are the "Top 10" reasons why NOW is the time to buy a home in Arizona.
10. The news is bad... for a reason. Gloom and Doom sells newspapers but may not accurately reflect opportunity. Do some research and you will see!
9. Uncle Sam wants YOU ... as a homeowner. Because of deductions on mortgage interest and property taxes, the practical effect is that the government is subsidizing your home purchase. Not to mention the new tax credit stimulus for 2008/2009 first time home buyers.
8. Long term, owning usually beats renting. Typically a weak housing market indicates a strong rental market. Rental pricing will reflect that... remember the 'ole supply and demand equation we all learned in school? Not to mention the tax benefits!
7. Home Ownership builds Equity. OK, so all of us have been watching zillow and similar websites drop values and drop our jaws, but wouldn't you love to be buying your first home RIGHT NOW? History shows what we can expect 5yrs from now, 10 yrs from now...
6. Market Timing is far from perfect. Nobody wants to buy a house and see the values decline immediately after, but a quick web search will show you projected growth in Phoenix... those folks will need to buy a house! Do you think we are closer to the top or bottom of the market???
5. There is no such thing as the "Real Estate Market". In reality, the national real estate market is made up of thousands of neighborhoods, each with its own unique circumstances. Do the homework, find the right neighborhood, find the right price and you minimize your chances greatly of making a "wrong decision".
4. Finding Value is easier in a tough market. Again, remember supply and demand??
3. There is more than one "yardstick". How slow is the market? Depends on who you ask and what you are comparing to. 1st quarter home sales in the greater Phoenix area are MUCH higher than the last 2 years.
2. The "Concession Stand" is Open. Home buyers can always ask for concessions. In todays market leverage is definitely tilted in your direction. Don't be afraid to ask!
1. Financing is favorable....for now! Think these rates will remain low forever? Grab your history books, when you look at average rates over the last 20 years you will be sure to drop your book and go house hunting.
Rick Docekal - CEO ArrowUp Consulting
Wednesday, April 1, 2009
Subscribe to:
Posts (Atom)
