Monday, 12th of May 2008 at 08:42:09 AMThis morning’s edition of the Arizona Republic featured an article with 3 local real estate investors. It was a good read and in all realty was pretty balanced between optimism and reality. The reality is we’re in a recession brought on my a frenzy in the real estate section a couple of years ago. The optimism is that we’re not far from this recession from being over from the points of view of several experts (both local and national).
This morning a colluege and friend also reviewed this same article, Drupointed out some very good points about how markets are local, not national. A perspective that I agree with her on. I’ve done deals in Phoenix, Tucson and a couple in Illiniois (my home state). I have to remember where I am analysing my deals to keep them in prospective.
My favorite part of the article is the one that puts it best. I often get asked is now a good time to buy? I felt the experts put it very well:
Butler: Yes. Prices may drop some more, but you can sit around and worry about a car hitting you in the intersection, too.
Vest: You need a place to live, and if you can afford the loan and plan to hold on for a while, then buy.
Brown: It’s the best time to buy a house that we’ve seen in at least the last three years. Decide where you want to live, and then start focusing on that neighborhood. When you see the “for sale” signs start disappearing, it’s a clue that the area is in the process of recovery. Then prices in that neighborhood have probably bottomed out, and you’d better make your move.
So in short, if you need a home and you can afford the home (yes, must consider if you can afford it) then yes, it is a good time for you to buy one.
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