it's A Great Time To Buy A Home In Phoenix

Oct. 21, 2010 - PRLog -- There has been a lot of gloom and doom over the past 3 years in the Phoenix real estate market. Homeowners looking to sell their homes have seen the prices fall so fast it was hard to know what the home was worth from one month to the next. While this has been devastating to those that are homeowners it has created a buying boom for first time home buyers and real estate investors. In the valley of the sun home prices have declined by 50% in the last three years. Homes that where built in 2000 and later can be bought for an unbelievable $70.00 per square foot in Phoenix and some of the surrounding cities. Foreclosed homes in some of the outlying areas in Pinal county are selling for $35.00 per square foot. The building cost on most of these homes was $90.00 per square foot. Investors are going into areas like Maricopa and Casa Grande and purchasing homes for $50,000 to $60,000 that previously sold in 2005-2007 for $200,000. These homes can easily be rented for $800-$1,000 per month. This makes for a very nice return for investors looking to develop or expand their real estate portfolios.

This is also a great time for first time buyers to get a foot hold in the market. Interest rates are as low as any time in history. As I mentioned earlier many of these homes are selling for less than the building cost. In fact when I sell a home, I make it a point to have the buyer speak to heir insurance agent and insure the home for replacement value. Heaven forbid someone should have their home destroyed and only be insured for the amount of purchase.

It is also a good time for people looking to buy a second home. We see a lot of snowbirds purchasing homes at these prices. The folks from Canada seem to be leading the way with a good exchange rate. Most of the homes being sold in active adult communities are people from Canada. Another segment of the population that is taking advantage of the home prices are full-time-RVers. When the prices sky rocketed in the early 2000's to 2007 many RVers  lost their exit strategy. They simply could not afford to come off the road. Once gas prices went up and home prices came down they started buying homes again.

There are great buying opportunities in Gilbert, Mesa, Tempe, Phoenix, Scottsdale, Peoria, Glendale, Tolleson, Goodyear, Litchfield Park, Surprise, Laveen, Queen Creek, Apache Junction, Florence, Coolidge, Casa Grande and the town of Maricopa.

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Real estate home sales in the greater Phoenix, AZ area. Areas served are Gilbert, Chandler, Mesa, Tempe, Scottsdale, Glendale, Peoria, Laveen, Casa Grande, Maricopa, Florence, Apache Junction and more.