Are we at the bottom yet?
Reports are out that we may be at the bottom. The Phoenix Real Estate market is certainly heating up. Investors and back and bidding up asking prices. And why should they with asking prices 53% below 2006. The difference this time is they aren't flipping them, they are renting them. That's good for the resale market but what will that do to the rental market? Many people believe when the monthly rents equals the same price it would cost to buy the same property we are at the bottom. Not only does that make sense but why should someone rent? The only real reason is they can't get a mortgage and with lending tighter than in 2006, there could be a lot of renters. This sounds like a good mix for the bottom but don't expect values to go up quickly. They never have before in a housing past housing recessions and this one was worse. Expect values to stay low for a while but not interest rates, they might start climbing slowly.
Check out this story from AZCentral.com
Contact me for more information or to look at property.
Chris@RooPhoRealty.com or 602.224.0554
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