home sellers in panic mode, Time to Buy Phoenix Real Estate

September 16, 2008

Yesterday, the stock market dropped more than 500 points. Over the last 3 years, Phoenix area home prices have dropped more than 30% in most areas of Phoenix, Mesa, Chandler, Gilbert and parts of the east valley including Scottsdale, North Scottsdale, Carefree and Paradise Valley.

No one knows if the market will fall further before it gets better, or when things will turn.  However, most great banks and builders are at panic levels, buy phoenix real estatereal estate investors make money buying when others are in full panic mode.   

There are a lot of great homes for sale in Phoenix, Peoria (Sonoran Mountain Ranch & Vistancia) and even Fountain Hills that are selling at even better prices. Using words like reasonably valued is an understatement.

I would have to say that even skeptics (different skeptics from the media) are starting to whisper the words ‘dirt cheap’.

Phoenix home buyers can buy foreclosed homes, short sales at 50% of the price they sold less than 3 years ago.

Phoenix home buyers can buy new construction homes at less than builder cost. Buying new homes at less than builder cost is something that may never happen again in our lifetime.

Now, I am not saying that we are at an absolute bottom of the Phoenix real estate market. However,

But if history is any guide, buying real estate when reasonably priced with a 30-year fixed rate mortgage or 15-year fixed rate mortgage and living in the home for at least five years ha proven to be one of the best thing you can do with money.

Finally, and I tread cautiously when I say that at some point all this sub-prime crisis, credit crunch, FED bailout and real estate bubble bursting will end.

When it does,  there will be no second chance to get back in at these panic pricing levels.

If you have wanted to buy a home in Greater Phoenix and can afford a fixed rate mortgage and can stay in your home for at least 5-7 years, then now is the time to buy Phoenix area real estate while banks and new home builders are in full panic mode.

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Copyright © James Wexler * home sellers in panic mode, Time to Buy Phoenix Real Estate *

Contact James Wexler (480) 221-8080 for your Phoenix | Scottsdale area Real Estate needs

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Written by James Wexler · Filed Under Articles, Buyers 

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