Good News For Homebuyers in the Phoenix Metro Area

Two recent articles in the Arizona Republic and it's sister AZCentral.com web site are very encouraging for potential home buyers. When I talk with some potential home buyers and they tell me the Real Estate market is bad now, I shake my head in disbelief as to how they arrived at that assessment. I say, "wait a minute". You are a HOME BUYER, not a HOME SELLER. This market is just what you have been waiting for.

But, you can't wait long. Yes prices will drop some, but you are losing lots of money in ownership benefits, and still making your landlord rich. What is in it for you to wait? Figure out the lost tax savings and equity buildup. Do the numbers then decide. A $20,000 drop in price will mean about a $133.00 drop in your monthly payment @ 7% interest on 30 yr fixed rate, or a latte a day ($4.43) at Starbucks.

My advice is, if you have a steady job and a little in savings, you can buy a home now at low interest rates and with seller concessions that can cover most if not all of your out of pocket going in costs. You don't need a big pile of cash in savings to buy a home now with safe fixed rate financing at payments you can afford. Stop renting and buy now before it goes back up again.

The Arizona Republic, July 12 - SE Valley home resale numbers continue decline. Traditionally June brings more home sales as families look to relocate before school starts. But that didn't happen this year.http://www.azcentral.com/community/gilbert/articles/0712tr-resales0713.html

AZCentral.com, July 11 – Realtors expect home prices to bounce back in 2008. The prices of existing and new homes are expected to bounce back next year after a dreary 2007, a real estate trade group said Wednesday.http://www.azcentral.com/business/homesales/articles/0711biz-homeprices11-ON.html

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Richard Pomisel
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Dan Schwartz Realty Inc.
Phoenix, AZ 85021
Toll Free:1(800) 474-2841
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