If you are renting a home in Phoenix or planning on relocating to any of the towns around Scottsdale , like Fountain Hills, Mesa, Paradise Valley or Peoria, there has been no better time than the present to buy Phoenix real estate.
I normally reserve myself from ‘realtor' talk by saying buy a Scottsdale home today. Buy a home from that new home builder in Sonoran Mountain Ranch in Peoria, AZ before the inventory is gone or don't miss out on that Mesa, AZ home.
However, Phoenix real estate prices have dropped as much as 30% in most area outside of Scottsdale, Paradise Valley, Carefree and Fountain Hills where prices are down closer to 15%.
If you find a Phoenix area home or any Fountain Hills real estate that you love and it is more than 30% off of its 2005 price, here are 5 reasons to buy a home in Phoenix.
1) Phoenix, Arizona Homeownership has been a sold long-term investment. - Historically, if you purchased a home in the last 30 years in Phoenix, Scottsdale, etc... you would have received substantial tax benefits and as much as 6%-10% annual appreciation (according to the OFHEO). This rate of return includes the downturn we are suffering through currently.
2) Mortgage interest rates are at historic lows -
- Rates on 15-year, fixed-rate mortgages are well below 6%
3) Mortgage Rate Increases could prevent you from buying homes in Phoenix AZ you want - As interest rates go up the price you pay for a home goes up. In fact, price of a home is most often secondary to how you finance a home. Higher interest, the more you pay for a home in the long-run.
4) Time is everything, not Timing and there has been no better time to buy real estate in Phoenix- it is impossible to predict the bottom in Phoenix real estate. However, home prices in the surrounding towns of Maricopa County, which includes Phoenix, Tempe, Mesa, Chandler, Scottsdale, Peoria are down about 30% in home value. If you purchase now , and stay in your home at least 5 years, history tells us that even with dips in value , your home will appreciate in value.
5) A hedge against inflation is arguably the most important reason to own a home in Phoenix. Simply, put if you buy real estate in Scottsdale and you monthly mortgage payment on a 30-year fixed rate mortgage is , for example, $2,000/month, that payment is fixed for 30 years and never increases. It actually will go down. As inflation goes up (which it always does) and rents in your area and home prices rise, your monthly payment never changes for 30 years. You know that the amount you pay on your Scottsdale or Phoenix area home per month is fixed in time and will never rise as everything else around you does.
There are many great reason to own a home in Scottsdale, Phoenix , etc... such as
- long-term investment
- tax benefits
- a place to live and call home
- a hedge against inflation
Yet, there has been rarely a better time to buy real estate in Scottsdale or Phoenix with fixed mortgage interest rates at historic lows and prices 30% discount to where they were just several years ago.
For more information, call your local Real Estate agent or call me today at (480) 221-8080 to learn more about life in Scottdale and living in luxury communities in Phoenix |Scottsdale.
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Copyright © James Wexler * 5 Reasons to Buy a home in Phoenix*
Contact James Wexler (480) 221-8080 for your Phoenix AZ | Scottsdale AZ area Real Estate needs
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With reasons as great as this I don't see why anyone wouldn't want to live in Phoenix!