MSN report

By
Real Estate Agent with Premier Locations

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.

Comments (1)

Angie Vandenbergh
Crye-Leike, Realtors - Memphis, TN
A Crye-Leike Blogger

Hi - welcome to the site!  You started off with an interesting post. I have family in Phoenix (chandler). Since you are new to the site just wanted to give you a few tips. I recommend that you read, read, read and then comment, comment, comment. There are so many different blogs to read. There are tons of topics out there from real estate, marketing, technology, seo, staging, mortgage, etc. It goes on and on. There is a group just for Active Rain Newbies. Find topics you like (in the groups) follow those for a little while, start to find certain writers you like. Comment on their posts. You'll start to get to know people and before you know it... you'll have figured out the benefits of the site. Also reciprocate your comments. Consider posting some blogs with content for consumers. Those are included on localism.com. So you could write about your area or about things you know in real estate or related etc. Good luck.

Jul 22, 2007 04:27 AM