Recognizing the Advance in the Phoenix Home Market

When the Phoenix metro area was composed of little more than barren desert with dried-up canals from long-gone native peoples, a limited number of visionaries saw this land's potential. Today, home to more than 3.7 million residents, the Valley of the Sun has a constantly expanding population. People relocate here by the thousands every month to relish the year-round sunny weather, which they soon discover includes seemingly interminable weeks of oppressive heat each summer. Nevertheless, many hide in air conditioned homes and stay in the Phoenix area to evade harsh winters and appreciate the abundance of benefits a metropolis supplies. Sports fans and outdoor recreation enthusiasts find the area wonderful, another group homeowners is taking pains to recall why they thought they were living in paradise. These are the property owners who are losing their homes every day to foreclosure.

The Real Estate News in Phoenix Contains a Glimmer of Hope

The Greater Phoenix metro area real estate community is feeling the heat of a depressed housing market. If you listen to the media the situation seems very grim. However, if you glance at the statistics, homes are being sold every month. What this signifies to me is that the real estate market is not as bad as the media suggests. That does not mean that many property owners are not agonizing over financial difficulties in making their mortgage payments on real estate properties that are over leveraged. Or that the mortgage industry is not putting national lenders out of business every day. Many property owners are losing their homes and many are losing their jobs because of the erratic market trends. Many enjoyed the profit created a few years ago, and so the complaints we hear from those who rode the wave may seem hypocritical at times. However, those very same people who got rich during the boom of the recent few years are also leaving real estate for other careers by the thousands every month.

Be Looking for Chances in the Phoenix Real Estate Transition Period

So what do the foreclosures, job loss, and real estate professionals' defection from the industry indicate to you and me? The answer is many opportunities. First, when the Valley's property investors think they can gorge themselves on real estate, like M & Ms, they will have a stomachache for a while. After the ache of such gluttony vanishes, we will gradually begin to grow again, but in moderation. We will carefully advance, and the growth rate of five to eight percent of property value per year will return. This is already happening in the more affluent areas of the Valley of the Sun.

Phoenix real estate is not as lifeless as the media suggests. We have a forward motion in the real estate market. Is it as fast a forward motion as we would like? Perhaps not, yet with other markets not selling as many homes, I am pleased to be in the Phoenix housing market. It is a buyer’s market; those with foresight will buy now. It is regrettable that many property owners will have bad credit for a while and because of foreclosure, there will be time for correcting and improving their credit. This season of correction will come to an end. New buyers finding Phoenix affordable real estate will lead off and the mortgage companies will work to finance those people who want to purchase a home. Will the money be as easy as before? I hope not, but there will be financing for home purchasers who qualify for a mortgage.

My recommendation for those who want to purchase a home is the same my dad used to advise me, "Nothing is free. Save your money for a down payment and that will prove you deserve to own a home." Financial responsibility is critical. Never again can we as a society assume we deserve houses for no money down and no qualifications. Everything we earn we appreciate. Will it be problem-free? No. However, anything worth having should necessitate a level of effort that makes the outcome one that will be treasured and taken care of. I believe the Phoenix housing market is still a great long-term investment for property owners and investors. My family is here and I am committed to seeing this real estate market revive and flourish for the future.

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