You may still be hearing that the housing market is still in the tank and for the most part I guess you can consider this true, however, to some this is a great time. We can tell here in Arizona that many people are enjoying our market the way it is by the number of buyers out trying to acquire a home whether it be your first time homebuyers or an investor or even those that are relocating to our area or finding a second home.
The first time home buyers are finding prices that they could not afford a few years back and are looking to get into a home to get the tax credit being offered if they purchase this year. Homes are still available to them at fantastic prices but they have to be pretty quick on their toes because many homes that are bank owned are being bought out from under them by cash buyers. Cash is gold right now and banks are taking lower offers that are cash over an offer that may be a bit higher but still need to go through the lending process. With lenders tightening their belts you never know when the buyer gets turned down on their loan at the last moment and banks want the sure thing.
Investors are finding these great deals, especially the bank owned homes, buying them cash then fixing them up and flipping them. Back to the good ole days of fixing and flipping that alone tells us that our market is on the rise again. When we have investors jumping back into our market it is usually the first sign that we are stabilizing and home prices will rise once again. No of course they are not going to sky rocket like they did a few years back but at least those that are waiting to gain some equity back on the home they currently are living in and wanting to see that they purchase they made was worth hanging on through the rough times will be happy to find their own homes should stabilize once again.
Buyers from the north even into Canada are here buying homes with the low pricing especially in our outlining areas where prices are super low and they are not here to worry about traveling back and forth to work - they are here to play golf and enjoy our fantastic winter months. Other people are still being relocating out here and moving because of our great weather and are finding our great pricing is hard to beat. All of these things are fantastic signs that our real estate market will stabilize and begin to get back to pricing where people who bought many years ago or just a year or two ago are not upside down on their homes. Naturally, the spiked pricing we had several years back will take much longer to see if ever in the foreseeable future but those of you that bought and are just waiting to sell at a price that is not a give a way hang in there a little longer, we will begin to see it sooner than you may think.
