Great Time To Invest In Phoenix Real EstateReal estate in Arizona has been hit hard by the recent economic situation. But what exactly does this mean to Canadians and other foreign investors looking for a second home or investment property, particularly in the Phoenix area?
By: Maureen Karpinski Prices Won't Go Up Soon, But Don't Wait Too Long Not more than a year ago, the costs of properties in Arizona stabilized a bit. There are still numerous properties reverting back to lending companies and until the economy recovers in Arizona things will probably stay the same. Of course, no one can really foresee when costs will hit the roof again, so if you're already contemplating on a second home in the U.S., you might as well research on the Phoenix real estate market now. Certain areas in Phoenix have been hit the worst. The most affected regional communities have been Goodyear, Maricopa and Avondale to mention a few. After the 2007 crash the housing market to some point stabilized right away after which it started crawling back up in 2010. Nevertheless, in the most recent times, buyers are becoming a bit more careful, and the government subsidies to primarily time property owners are no longer accessible. As with any marketplace downfall, recovery isn't going to go straight up. There's undeniably going to be numerous bumps along the way. Residential housing markets typically slow down during the winter and this is one factor. Median home prices in the Phoenix area are currently around $120,000 and are predicted to reach $110,000 soon before they start slowly rising back up. So does this mean foreclosure will be a thing of the past in the near future? The answer is, most likely not. It seems larger banks are starting to recognize the win-win benefits of loan modification. We'll probably be seeing a good number of foreclosures within the next few years. So for those searching for Canadian second homes, for instance, this is favorable news. Canadian winter visitors are extremely popular, and there have been very convenient loan programs specifically made for Canadian investors. Good Weather Speaking of winter visitors, the weather is obviously one of the plus points in Phoenix, Arizona. Whether you're looking into the Phoenix market or Scottsdale Real Estate, you'll get 300 days of sunshine. The weather is great all over the state of Arizona. So aside from the opportunity to grab the considerably low rates and prices, most properties you'll find will give you even more than you paid for. The all-year-round warm weather is just one reason why Canadian snowbirds flock into Arizona and why they usually buy a second home rather than renting. Great Value At present, there's around a 1-year supply of properties on the market. This provides Canadians with added bargaining power. If you do some research, you'll likely find the exact home you've always wanted, whether it's a townhouse, condo, or luxury home. Just imagine, there are currently around 38,000 single family homes listed and more than 52,000 other bargain selections. Don't wait any longer though - as the inventory of properties go down, so will your buying power The Phoenix Metro is a popular tourist spot, but it's also preferred by retirees and families. The valley is home to world-class museums, exciting shopping and dining venues, 3 popular sports teams, and of course outdoor spots, namely golf courses that sprinkle the area. The desert scenery and wildlife is one that's breathtaking, unique and relaxing, especially for anyone looking to retire in Phoenix, Arizona. There are many professional realtors specializing in Arizona real estate, but you might want to specifically look for a Phoenix realtor or Scottsdale realtor if you're considering properties in Scottsdale as well. Maureen Karpinski Find your Phoenix Arizona Property at http://www.cactuscountryproperty.com/ Posted by Cactus Country Arizona Homes & Properties http://www.cactuscountryproperty.com # # # Whether buying or selling our team of professional realtors will assist in the process and work with your satisfaction in obtaining the perfect home as their priority. If it is school information or demographics, we will make ourselves the source of the source. We are seasoned experienced and current real estate agents If investing in the Phoenix Arizona Real Estate Market. the process will be treated with knowledge, experience and integrity End
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