When the national housing bubble burst recently, the real estate market in Phoenix was one of the hardest hit. Job losses and the economy have combined to increase the Phoenix bankruptcy rate and home foreclosures. The number of homes on the market has been on the rise for months, with total inventory currently at 6 months, still quite a buyers' market.
However, there are signs that the Phoenix market may be on a rebound. It's too soon to tell if this will be a long-term improvement or simply a small boom produced by historically-and artificially-low interest rates. Since both home prices and mortgage rates have fallen so low, now may be the time for first-time buyers to overcome their skittishness and jump into the market. Phoenix real estate is at a point where buying may be cheaper than renting, even before one considers the many tax advantages to home ownership.
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A new homebuyer must be ready to act fast. The area of the market where one is most likely to find competition to buy is in homes under $350,000. This category stands at only around 3 months of inventory. Many homes in this range are receiving multiple offers. So what's a new buyer to do? Don't get too greedy! Home prices are greatly depressed, and many lender-owned homes are offered at quite attractive prices. If you come in with a low bid, you do have a chance of walking away with a tremendous deal, but you also have a chance of walking away empty-handed after being outbid.
Some may choose to adopt a wait-and-see attitude, after experiencing competition and disappointment when they're overbid. Yes, the Phoenix bankruptcy attorneys are still busy, and there is still a chance that this current mini-bubble of a rise may soon burst. Yet it's also unlikely that these artificially low interest rates will continue indefinitely. The $900 a month mortgage that will currently buy a $170,000 home will only purchase $130,000 should interest rates rise to the much more common 7 to 8 percent.
So seek out properties in neighborhoods you like, don't get your heart set on one particular one too soon, and be ready to act quickly and decisively.
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