Statistics reported by the National Association of Realtors shows that 2007 was still the fifth best year in the history of real estate for number of homes sold (5.5 million) with the average sales price at $224,500. Even in the event a seller has to lower their asking price to sell their property, the reinvestment will, typically, prove to be financially beneficial. Of course, this does not include short sale type situations.
We've had quite a few investors (transacting 1031 exchanges) and second home buyers come in from Canada and some of the northern states and purchase some great properties for use as rentals or winter get-aways. There's lots to chose from here in Arizona and in many parts of the nation.
Interest rates are still very low (anyone remember 18% or more). There are still great programs available allowing renters to turn into owners with a similar, or even lower, monthly payment here in AZ. We have always provided our buyers with a list of prime lenders to talk to when they are looking for a referral. These prime lenders are more selective but it keeps people out of trouble in the long run. Let us know if you need a referral for a lender here in the greater Phoenix area.
Another market that is seeing activity is the Second Home market. We see quite a bit of that here in the "greatest place to be in the winter" state. Actually, I think it's the greatest place to be all year round! If you know someone that is considering a second home here in the greater Phoenix, AZ area, we'd love to help them out. Please contact The Moore Team at 480-545-1043. We will take great care of your referrals.
If you know someone that needs a great Realtor outside the greater Phoenix area or, even out of the state, we can provide you with some great agents across the nation.
I've got a wonderful relationship with an agent that can help you find a beautiful place in a gorgeous development just outside San Felipe, MX on the California Baja (full ownership forever, US company, etc). What a beautiful place!!
Some other recommended "affordable" areas are the White Mountains here in AZ, the Central Sierra Mountains in CA, South Padre Island in Texas, Amelia Island in Florida and Murrells Inlet and Surfside Beach in South Carolina. And, yes, I can direct connect you to a Realtor in each place that is passionate about what they do and that will take great care of you or your family, friends or clients.
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Tony...I agree with you. The agents that are complaining the most are the ones that never really had to work for a sale. This market is weeding out to lower quality agents and may bring our profession back to the high standards it opnce had. Great Post.........Bill