Good news in real estate. For a change. Change we can believe in. Whatever floats your boat.
As a follow up to my partner Chris' comments about the recent MSNBC report that real estate is on the rebound, I present the following real-life deal.
East Mesa, Signal Butte & Elliot. 1509 square feet. Detached single family home. 3 bedrooms plus a den, 2 full baths. Eight year old construction. Open floorplan. Big kitchen. Freshly painted and carpeted. No visible evidence of damage or problems. Landscaping complete (this is a biggie in metro Phoenix, don't know how builders roll in the rest of the country).
(The above is an asking price, contract price a bit lower and can only be revealed after close, but my buyer got a healthy discount.)
Is it the right time for you to buy a house in metro Phoenix? That depends. Prices are dropping and mortgage rates are near 5-year lows. Sellers are often anxious to sell. Even the conservative Mark Zandi at Moody's has predicted we'll bottom out in 2009. But....
Do you plan to hold the property for more than 7 years? Will you be emotionally OK if prices drop another 10% or so in 2009? Will it cash-flow if you're buying as an investment? First time buyers, will you be happy here for a number of years?
It's not the best time for ALL folks to buy, but it could be a good time for you.
Interested in buying as an investor? See my broker (i.e. my boss) Jay Thompson - the Phoenix Real Estate Guy - on the best way to get in to the foreclosure market.
Interested in making your first home purchase? Check out this article on how geography affects metro Phoenix home prices.
I've had a bunch of friends and clients ask me if there's ANY good news out there. There is, and this could be it for you. Hope this helps.