An Excellent Time to Buy Your
Next Dream Home
By: Reg Gustin
Many potential home owners have become a
little gun shy. The last few years has produced record breaking real estate
appreciation throughout the United States, but especially in Phoenix.
Phoenix has been one of the hottest markets for real estate, with home
prices doubling in twelve months. The market was so hot, many home buyers
were making deals after touring the property once, many were making offers
from the car in front of the property, and bidding wars were common.
In this kind of market place, many buyers decided they simply couldn’t
compete. It was a huge disappointment, a feeling of missed opportunity –
that these prospective buyers would never get a chance to own their own
home.
Fortunately, the market has changed in a few short months. Now prospective
buyers can take a deep breath and finally get into that home they’ve been
dreaming of. The market is cooling off a bit, and some of the frenzy that
has been surrounding real estate is beginning to subside.
The demand for entry level homes hasn’t declined. Many buyers are looking
for a chance to get into the real estate market, but simply can’t afford the
price of some of the larger or newer homes. With a starter home, they can
begin building their equity.
This presents a great opportunity for home owners that want to move up to
their next home. The good news is that the increased appreciation pushed
entry level or starter homes up in value. While the housing market has
stabilized, those entry level homes haven’t declined, and are providing
their owners with considerable equity.
This equity can, in turn, be applied to the move up house. Because prices
have stabilized throughout the Phoenix area, owners looking for the “next
step” home can apply their equity to a selection of attractive homes. Best
of all, these buyers are in a unique bargaining position to get the most
home for their money.
There’s never been a better time to purchase a move up property in Phoenix.
Interest rates are edging up slightly, but still at a very low rate over
all. The inventory of homes is at an all-time high, and prices are stable.
It truly is a buyers market.
Don’t put off your opportunity to get into your next new home. You can begin
building equity and building your wealth at the same time. Real estate is
one of the truest ways to build wealth and great investment potential.
Reg Gustin is a senior loan officer with Sun American Mortgage and
specializes in helping families and their financial lending needs.
Get a FREE mortgage rate quote from a reputable Arizona mortgage company at
Central Arizona Homes.
Search the Arizona MLS at Central Arizona Homes
Many potential home owners have become a little gun shy. The last few years
has produced record breaking real estate appreciation throughout the United
States.
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