Waiting for Phoenix Home Prices to Come Down?

They say that good things to those who wait. In real estate, there is an urban myth that suggests if you wait long enough, home prices with GO DOWN far enough that you will be able to afford that dream home after all. Why settle, when you can wait (THROUGHOUT INFINITY) for prices in real estate to match your champagne tastes and beer budget. Because folks, I hate to break this to you, but historically home prices GO UP!

 

Sure, from month-to-month, prices might fluctuate slightly in an up-and -down fashion. There have been moments in history that prices dropped – like 2007-2010…commonly referred to as “The Crash”. But this is far, far, far from the norm. If you are waiting for Phoenix home prices to come down, rethink that strategy!

The buzz word this year is “low inventory”. There aren’t enough houses to meet the demand in the Phoenix real estate market. You don’t have to have a Master’s in Economics to know that old law of supply and demand – when supply is low, demand causes prices to go up. We are 3 years into a low supply cycle, so don’t expect prices to come down any time soon.

Not all price ranges are created equal so if you are looking in the luxury market – $1M and up – you might see some price relief. But – and I am being totally straight with you – current market conditions for prices below $500K are only going to cause prices to go higher.

 

<—Here’s a cold hard look at how much “waiting for the market can cost you. The appreciation rate this chart uses – 5% – might even be considered conservative for those lower price ranges.

Sooooo, what are you waiting for? Oh, you don’t have the down payment? Check out one of the Down Payment Assistance programs that can get you in a house with about $1000 out of your pocket.

Oh! You heard that old wives tale that you have to have perfect credit to buy a house…You don’t think you’re credit is good enough? With a credit score of 640-660, there are LOTS of great loan programs for you. If you’re score is a little lower, let’s get you in touch with a lender who can give you good game plan of either buying now or doing a little credit triage (it’s not that hard!) to get your score up.

You don’t think you can find a house you will like or you just don’t know how to get started? Give me a shout and I will lay it all out for you:

Let’s get you into a house!!!

 

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