Now is a great time to buy a new home in Phoenix, Arizona

When the economy and Phoenix real estate market “gets” better, I’ll be glad I already purchased my home!
The other day, I was thinking about the current Arizona housing market and realized that buying my new home a few months ago was a great decision for me. I remember slightly over two years ago, I couldn’t stop thinking that I needed to immediately purchase a new home, that I may not get chosen in one of the many new home lotteries, that if I didn’t buy a new home right now, I’d be trapped living in a location with a two hour commute and an enormous monthly gas bill.
Recently, I purchased a new home, in a great location, for a good price. I’m thankful that the housing market is going through a correction (partially media-fueled) and that I can actually acquire (and afford) a new home in Arizona. Most people ask me if I am concerned about the home’s value decreasing, and of course I am. However, I would rather have my home decrease in value and keep the monthly payments that I can afford the same, than to have struggled or not even been able to purchase my home for $100,000 more. It is very unfortunate that some buyers purchased their homes a few years ago and lost money, but I have faith that they will recuperate their losses, and even more. A home is an investment that has traditionally appreciated in value over several years; I believe that purchasing an Arizona new home is a wise investment.
Arizona is a growing state. I read an article recently on CNNMoney.com, written by Les Christie, a staff writer for CNNMoney.com. Christie states that Arizona grew by the largest percentage in the nation from July 1, 2005, through July 1, 2006. Our population increased by over 213,000 people, a growth of 3.58%! Arizona might not experience as intense population growth this year, but it has been estimated that Arizona will sustain an increase of 100,000 – 150,000+ people annually in future years. I am no real estate guru, but I think this means that the demand for Arizona property is going to gradually increase over the next several years. An increase in demand usually signifies an increase in prices. In addition, NPR (National Public Radio) recently reported that Arizona’s commercial real estate industry is booming! Amongst other things, this indicates jobs and more people. A flourishing commercial real estate market indicates that large, medium, and small businesses have confidence in Arizona’s growth and prosperity, and intend to provide housing for their employees.
It’s a “buyer’s market,” and that means that we have choices! Three years ago, we were more restricted and were forced to buy whatever we could acquire, and we paid a premium for it. Now, there are plenty of homes from which to choose, in great locations and at affordable prices. Homebuilders and lenders have created attractive loan programs with numerous options. Many Arizona home builders can get qualified buyers into homes for $0 down; several others are offering move-in specials as low as $500. Now is the time to buy your new Arizona home, before you get trapped with fewer choices and higher prices. There are more than 100,000 people moving to Arizona each year, and I don’t want one of them getting my home at the price I can afford.
If you’re like many homebuyers, you probably already own a home that you can’t, or think you can’t, sell. I think this is a major problem as there isn’t a clear-cut answer on what to do. If you are in this situation, it might be best to stay where you are. You might also consider one of these options: making less of a profit on your existing home’s sale, utilizing one of the many builder trade-in programs available, remodeling your home, or “staging” your home. (“Staging” your home means to dress it up like a model home, making it less personal and more like what buyers want to see). Each of these options has numerous pros and cons, and a Real Estate Professional can help you decide which option is best for you. Your Real Estate Professional may even know of alternative, more effective ways to sell your home.
A healthy homebuilding industry means more jobs and ultimately, a better economy. Jump off the fence, if you can, and take your first step towards buying a new home. Statistics forecast that owning a home will eventually pay off; I wish I owned a home 10 years ago, and in 10 years, I’m going to be glad I do. I can’t stress enough that I am not a real estate professional and that these are only my thoughts and opinions. I have confidence in real estate, and I think it’s for good reason: history always repeats itself…I can’t wait until 2003, 2004, and 2005 roll back around!

Les Christie’s article on CNNMoney.com can be found at the link below.
http://money.cnn.com/2006/12/22/real_estate/fastest_growing_states/index.htm

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