Have we hit bottom and is now the time for me to be buying a house in the Phoenix East Valley? I know there are several of you out there asking yourself these exact questions.
While it will be impossible for us to tell that we have hit bottom until several months after it has actually happened, the outlook is good for homes on the market under the $200,0000 price range. Homes that fall into this price range make up the majority of properties that are selling in todays market. We are also not seeing the rapid decline in price in these homes that we did in 2007 and 2008. Finally, you can purchase significantly more home than you could have within this price range for the last five years with prices falling over 33% from just a year ago.
When purchasing a property you need to remember that it is much more than an investment; it is a place to raise a family, make memories, spend your free time and yours to do with what you want. While we may not know if we have hit bottom, it is certainly a great time to buy. Interest rates are phenomenal, there are still great loan programs that allow you to get into a property for very little money down and again prices are better than they have been for years.
If you are one those people out there asking yourself these questions take a look at what is out there and I bet you will be surprised. In many cases you can now own for less than what you would pay in rent and not have to ask permission to paint the walls your favorite color. Home ownership is the American dream and today it can very easily be a reality!