Homes In Phoenix Arizona For Sale
If it's Homes in Phoenix, Arizona For sale you want, there couldn't be a better time to be looking. At least not in the last 10 years or so and if history repeats itself, we won't see another real estate bust like this for approximately 15 to 20 years from now. So, where will you be in 15 or 20 years? Will you be saying I wish I would have bought in 2009 / 2010? We all know we would have bought 10 years ago had we known what was going to happen. Well, here is your chance to do it again. The reason it will take longer before we see the next bust is hopefully because we will have learned a little from our mistakes. But alas, sooner or later greed will take over and speculators will start investing and driving up the prices of homes in Phoenix Arizona for sale again. The big difference between now and the last real estate collapse is mainly the fact that it is going to take a bit longer to dig ourselves out of what some economists are calling the Perfect Storm.
So what's it going to take? There are record numbers of homes in Phoenix Arizona for sale across the country and Phoenix is in the top three worst cities hit by the current real estate downturn. Currently, there are 4,427 Foreclosure homes in Phoenix Arizona for sale on the market and 12,463 Short Sale homes in Phoenix Arizona for sale according to the Arizona Real Estate Multiple Listing Service (ARMLS) Data Base. Since on average only one out of three Short Sales make it to close, you can plan to add approximately 8,000 more foreclosure homes in Phoenix Arizona for sale to the 4,427 not to mention the many thousands more foreclosed homes in Phoenix Arizona for sale that are expected to hit the market over the next couple of years. One thing that could change our current situation here in Phoenix are the changes that are set to go into effect on April 5, 2010. The changes have to do with the Home Affordable Foreclosure Alternatives Program (HAFA) which is an addition to the existing Home Affordable Modification Program (HAMP). The HAFA is supposed to help qualified home owners who are facing foreclosure by laying out some guide lines that will help stream line the short sale process. We can leave that for another post. You can access the full details by visiting https://www.hmpadmin.com/portal/docs/hamp_servicer/sd0909.pdf
Regardless of these programs, although it may help the actual homeowners credit rating, it will not do a whole lot of good for home prices at least not right away. You see homes in Phoenix Arizona for sale whether they are short sale or foreclosure are still discounted when they hit the market and there are still many of these homes in Phoenix Arizona for sale that will not be a good candidate for short sale or Deed in Lieu of Foreclosure simply because of Junior Liens attached to the homes which make it difficult to complete the short sale process, so eventually the majority of these homes will end up in foreclosure anyway.
While we could go on and on speculating on how long the market will stay depressed I guess the real question on many minds is, is it a good time to look at homes in Phoenix Arizona for sale ? Well, I'd like to think so. Whether it takes two years or five before the market flushes out all of the short sales and foreclosures I don't think it will much matter because the damage to the values of homes in Phoenix Arizona for sale has been done, and they can only go so low no matter how many more enter the market. We are seeing bidding wars on foreclosures and short sales alike. Just because it's a distressed property doesn't mean it's not a good deal and once the prices of homes in Phoenix Arizona for sale dropped to the current extremes, many people started to recognize the amazing deals.
Although there is a certain amount of risk in buying homes in Phoenix Arizona for sale that are in foreclosure the stigma that was previously attached to such a purchase has almost disappeared. Today's home buyers have become numb to the term foreclosure and are actively seeking only homes in Phoenix Arizona for sale that are listed as bank owned. We have had so many homes in Phoenix Arizona for sale listed as bank owned properties on the market and sold so many over the last 2 years that it has become an almost normal market of homes in Phoenix Arizona for sale that used to be considered risky. I think we will probably even see these homes in Phoenix Arizona for sale begin to appreciate in value as more and more bargain hunters seek out the best deals.
I've said this in previous blog entries and I believe the statistics support it. Many of the homes in Phoenix Arizona for sale are beginning to see increases in value and asking prices are beginning to eek up ever so slightly. It may be at a snails pace, but over the past 3 or 4 months I have seen more home sale prices go up not down.
One last point. With the extension of the tax credit and the expansion to all home buyers, I can't imagine we will see a better set of circumstances surrounding the decision to get off the fence and buy now. Don't miss out, you'll be kicking yourself later.
As always, if you would like to see homes in Phoenix Arizona for sale in any of the Phoenix Metro Area just visit my website, give me an email address and a name and your good to go.
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Thank you for reading.