An Excellent Time to Buy Your Next Dream Home
Many potential home owners have become a little gun shy. The last few years has produced record breaking real estate appreciation throughout the United States, but especially in Phoenix. Phoenix has been one of the hottest markets for real estate, with home prices doubling in twelve months.
The market was so hot, many home buyers were making deals after touring the property once, many were making offers from the car in front of the property, and bidding wars were common. In this kind of market place, many buyers decided they simply couldn't compete. It was a huge disappointment, a feeling of missed opportunity - that these prospective buyers would never get a chance to own their own home. Fortunately, the market has changed in a few short months. Now prospective buyers can take a deep breath and finally get into that home they've been dreaming of.
The market is cooling off a bit, and some of the frenzy that has been surrounding real estate is beginning to subside. The demand for entry level homes hasn't declined. Many buyers are looking for a chance to get into the real estate market, but simply can't afford the price of some of the larger or newer homes. With a starter home, they can begin building their equity. This presents a great opportunity for home owners that want to move up to their next home. The good news is that the increased appreciation pushed entry level or starter homes up in value.
While the housing market has stabilized, those entry level homes haven't declined, and are providing their owners with considerable equity. This equity can, in turn, be applied to the move up house. Because prices have stabilized throughout the Phoenix area, owners looking for the "next step" home can apply their equity to a selection of attractive homes. Best of all, these buyers are in a unique bargaining position to get the most home for their money.
There's never been a better time to purchase a move up property in Phoenix. Interest rates are edging up slightly, but still at a very low rate over all. The inventory of homes is at an all-time high, and prices are stable.
It truly is a buyers market. Don't put off your opportunity to get into your next new home. You can begin building equity and building your wealth at the same time. Real estate is one of the truest ways to build wealth and great investment potential.
Go to Central Arizona Homes and get a free copy of our 2005 Housing Appreciation Report. Search the Phoenix MLS.
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