The real estate storm has passed, now what?

    The Arizona real estate crash hurt, and boy did it hurt bad. Many home owners were foreclosed on. Property values dropped. A once vibrant and booming economy came to a shuddering stop. The financial industry put the brakes on lending, which was part of the reason the market crashed. Many of us in the real estate industry didn\'t know what to do. Others took on the daunting task of negotiating short sales against Countrywide and Chase. Foreclosures and short sales were at an all time high, and it seemed like more homeowners were drowning in their upside down negative equity homes. 


    Since these dire times, things have changed. The mainstream media reports real estate news way after it happens. I have seen news blips to this day talking about the decline of real estate values. I have seen other sound bytes discussing foreclosures. One of the benefits of being in the market, is that we get our real estate news from the source. In six months time, the TV will be spouting grand stories of real estate recovery.


\"The crash is over\"


\"Real Estate Recovery\"


\"Real Estate Boom\"


    These are all headlines we will begin to hear. There are two vital truths we must understand if real estate is a priority in our lives, for either living in, or investing: were hit with a \"perfect storm\" that caused the great real estate depression, and we are at the eye of another \"perfect storm\" in Arizona real estate. At this point in time, a few key moves can make you a lot of money, and save you a lot of money.


    There are two major groups of people that need this information, home owners, and future home buyers. Home owners that may want to sell should seriously consider it right now, and here is why: inventory is frighteningly low. Real Estate is a supply and demand game. When supply is low, it is considered a sellers market, when inventory is high, it is considered a buyers market. If you are thinking about selling your home in Arizona, taking advantage of the ravenous buyers looking for a nice home should be top of mind. There has not been a better opportunity to sell a home in years. The longer you wait, the more people will start to realize the opportunity to sell, which means more competition, more inventory, and flattening prices.


    On the flip side, buyers have something MASSIVE to gain right now. Even though prices are going up, interest rates are at an all time low. When you are purchasing a home, there are two important items to factor in, one is the price, and the other is the cost. The cost is how much it will cost to obtain financing. With interest rates being so low, it just doesn\'t make sense to wait for the market to even out any further, with such a high risk of rates increasing. Will prices drop in the near future? Possibly, but unlikely. Will interest rates increase in the near future? Most definitely. 


    In parting words, there has not been such an incredible opportunity for both buyers and sellers in the same real estate market in years. Arizona Real Estate is back, but are you willing to take the plunge? Many people will sell right now, and be grateful. Many people will buy right now, and be grateful. The people that wait, will be wishing they didn\'t. I am not one to say \"I told you so\", so don\'t make me do it, and take some action!




Posted on: Tuesday 18th of December 2012
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