Being from the Phoenix area, i have had heard so much talk about the infamous report that can found on MSN.com about US markets. If you have not read it yet, it shows that the Phoenix market as the second most volitile market in the nation with statistcs to back it up. It's not clear to me why the media almost always paints the real estate market as "doom and gloom." Rght now is a great time to buy, hence the term "buyers market". Granted i wouldn't assume that flipping would be the greatest idea in the world right now, but even in that market there are still deal to be had, especially with the coming foreclosures that are bound to hit because of the 2005 mayhem. As a rule of thumb, a house should be bought with the intentions of staying there for a minimum period of two years. That only makes sense because of the capital gains tax law.
In Queen Creek, AZ, one of the hardest hit area in the valley has a 1 year inventory of resale homes. Surprise, AZ (at the opposite end of the valley, for all of you non Arizoners) has 15 month supply of homes with half of them empty as well facing likely foreclosure. These are the outlying areas of phoenix...there are others like Maricopa and Buckeye that are seeing similar numbers, however the interior valley, while still stuggling, is not as nearly volitile as these areas.
So in closing...because i have to get going...todays market in Phoenix is a great opportunity to buy and purchase a home and hold it...don't expect another crazy year like we had in 2005. Excluding 2005 housing prices have steadily climbed over the past ten years...what we are seeing now is at stabalizing market and not doom and gloom.
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