Homebuyers, why wait to invest in a Phoenix home? Strike now while it's HOT!
Tired of renting? Afraid you just can't afford a home right now? Well, now's the best time to BUY. The Phoenix, AZ home market is red hot, and here are the reasons why.
WHY INVEST NOW?
I strongly recommend that if you haven’t considered investing in a home in Phoenix, AZ, you do it SOON. And by soon, I mean now. Not only are interest rates at an unbelievable low (and the rates keep dropping week to week), home prices are also at their lowest – rock bottom – and many, if not all, are steals.
PHOENIX MORTGAGE RATES
as of Monday, Sept. 20, 2010
15 Yr Fixed: 4.041% APR
30 Yr Fixed: 4.504%
40 Yr Fixed: 4.689%
ARIZONA MORTGAGE RATES
15 Yr Fixed: 4.041 (no change from last week)
30 Yr Fixed: 4.504% (Last Week: 4.554%)
1 Yr ARM: 3.063% (Last Week: 3.078%)
5/1 Yr ARM: 3.184% (Last Week: 3.246%)
TAKE ADVANTAGE OF MORTGAGE RATES!
With employment rates in Phoenix expected to increase, the mortgage rates will soon, too. These incredibly low interest rates won’t be this low forever, hence why this is the perfect time to buy.
PHOENIX: TOP 10 CITIES WITH REAL ESTATE STEALS
You don’t have to take my word for it. According to the U.S. News & World Report, Phoenix is among ten cities inundated with real estate steals. Phoenix home prices have plummeted by 52 percent, and from 2005 to 2009, the price-to-income ratio has been cut in half.
LOW MONTHLY PAYMENTS
Phoenix is also among the nation’s top metropolitan areas where you can purchase a median-priced home for less than $800 a month. Phoenix had lower monthly payments than Austin, TX; Sarasota, FL.; Albuquerque, N.M., and Columbus, OH.
Now is the BEST TIME!
FIRST-TIME HOME BUYER DOWN PAYMENT HELP
There are also programs circulating out there to help first-time home buyers afford their home. For instance, America’s Home Buyer Solution Gift Program allows borrowers, within the counties that offer it, to receive a free gift of up to $19,843 from an approved non-profit to be applied towards the down payment for their home purchase. But it must utilize FHA financing.
If the home buyer purchases a home utilizing FHA financing with the standard 3 ½ percent down payment, TLC secures a forgivable gift from a qualified non-profit for up to 2 ½ percent, which means the home buyer needs only a 1 percent down payment.
The borrower is never required to pay the gift back, which is NOT a loan. FHA also allows the 1 percent down payment from the borrower to be gifted from a family member or employer, making it possible for many potential home buyers to purchase a home with nothing down. 
WHY WAIT?!
So, with low interest rates & rock-bottom housing prices, why wait to invest? And if you plan to live in your home for about 7 years, you’ll see significant appreciation in home prices – if you plan to flip a home or resell.
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