As a Phoenix real estate agent, it is my job to share accurate information to home buyers and sellers.
Unfortunately, I cannot control the Phoenix real estate market, I can only provide the most detailed information to my clients and together make an informed decision.
Understandably, people are nervous about the Phoenix real estate market. I would venture to say, a bit frightened if they read the newspapers and watch local television.
However, I want not only may the doomsday media be wrong about the direction of the economy and real estate market, things are definitely not as bad as the news may have you believe. It was just a few months ago that oil prices hit $146/barrel and gas prices at the pump hit an average of nearly $4.50/gallon in many parts of the country.
Further, everyone, not just the doomsday media and the water-cooler conversation predicted we were going to $200/barrel and more than $5/gallon at the pump. Worst, said the prognosticators, was that there was no end in sight to rising oil prices.Recently , however, Oil prices briefly fell to an 5 year low below $35 a barrel.
Granted this is a small positive by-product of speculation that the financial crisis will cause less demand for oil. However, a massive % gain (to the consumer) in oil prices in just over 2 months is very telling.
It goes to show that the media and the so-called experts were wrong. Way wrong! Could they be wrong about Phoenix real estate?
Yesterday, I showed a home to a buyer in a Scottsdale golf community called Triple Crown. They buyer called me first thing this morning and told me that he had locked in a very low fixed rate mortgage as rates dropped sharply and wanted to make an offer. The buyer feels that the market has leveled off. If it hasn’t quite leveled off, he feels that he can lock in a low fixed interest rate which lowers his payment more than expect.
I am not saying that the real estate market will see a 40% rebound in prices like oil has dropped. However, things are rarely as bad as the media would have you believe. And clearly, a recovery or stabilization in pricing and market conditions can (clearly) come quite quickly.
Read the news. However, the words are not gospel. Like the weather, the experts are rarely correct as conditions can change quickly.
If you have been planning on buying a home in Phoenix, Scottsdale, Fountain Hills, Peoria, Glendale or Mesa, and you can lock in a low interest rate in which the monthly mortgage payment is comfortable for you, now could be a great time to buy.
Remember, everyone said gas was going to $5/gallon. Today I paid $1.50!!