The classic song by The Clash has struck a chord in the Phoenix marketplace. For my money, the answer is straightforward. If you are a seller, it is time to stay! If you are a buyer, it is time to go!
As a seller you will be competing with a market supply that is out of whack. Your house has to be the best of the best and priced just right to sell in this market. Those are not the ingredients for top dollar on your home. With the primary residence as the single largest investment for most Arizonans it just makes sense to stay put for now.
As a buyer, especially if you are a first time buyer or getting back into the Arizona market for personal reasons (divorce, relocation, retirement, or previous bad credit)...NOW IS THE TIME! You have the pick of homes on the market, interest rates are still at historic lows, and everyone in real estate and all related industries want and need your business. According to the Arizona Republic in an article printed today, "1 of every 3 dollars in the Arizona economy is related to the building industry." This puts you in the drivers seat when negotiating with all of the industries involved. Real estate agents, inspectors, appraisers, and contractors are all looking for your business.
I can hear the sceptics now! Of course as a Real Estate Agent you are going to say now is the time to buy. As you can clearly see, I have advised half of the market place that I work with to stay put. In my opinion, with the right guidance from a Realtor you can find neighborhoods that will hold their own against the declining market and those neighborhoods, historically, have rebounded and gained value when the overall market starts to climb. With that being said, you need to plan on holding your home, either as a primary residence or investment property, in the 4 to 6 year range.
To sum up: Homeowners should stay put for now and renters that plan on staying in the area for a few years should call a Realtor today!
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