In a previous post I said I thought the Phoenix Real Estate Market had reached a tipping point. Well now it look like I'm not the only one!
On the front page of yesterdays Arizona Republic there was a big, above the fold, article on taking advantage of the opportunities in todays Phoenix Area Housing Market. The article described how people in different catergories and life stages, First Time Home Buyers, Empty Nesters, Move Up Buyers, Investors etc, should take advantage of the current low prices.
Time Magazine featured an article titled "Ignore The Headlines". The premise of the article was that to make money in any investment you need to buy "When there's blood in the street". And that housing had reached that point. Further, the article calculated that as the economy and housing markets recover interest rates will increase. So even if there is a further reduction in prices it would be nullified by higher interest rates on your mortgage. Moral of the story, the combination of low prices and low interest rates is a golden opportunity. Now is the time to buy.
Even the Wall Street Journal is getting on the Bandwagon with the article "A Good Time to Buy A House if You Can Afford One". This article also points out the terrific opportunity that low prices and low interest rates provides and cautions against the crazy subprime loans that got so many people in trouble over the last few years.
So, I think it's starting. More and more media outlets will start to publish stories like this. As they do, more and more of the public will realize the opportunities and take the plunge. So, what ARE you waiting for?