[Question] ||| "Is this a good time to buy a house, or should I wait?"
[Answer] ||| "If you are reasonably certain that can honor the financial obligation, then the answer is YES. Historically, Real estate markets go up and down. Current market activity in the Ahwatukee Foothills indicates upward motion, hinting recovery.
Bank owned inventory is selling at fair market value. Bank owned listing prices are designed to create bidding wars to assure that they will not sell for under market value. In highly desirable neighborhoods like the Ahwatukee Foothills, it works for them brilliantly.
This situation occurs when a lender accepts less than the borrower (seller) owes. Buyers need to know that the bank most often does not accept the first offer submitted. They collect multiple offers “fishing” for the highest and best. Patience is required in this transaction. Buyers like to close escrow in 30 day because their interest rate lock is free.
Sellers with equity
The Ahwatukee Foothills was established approximately 36 years ago. There are sellers who have equity and can price their homes to compete with bank owned properties. These sales are NOT as-is sales .They have warranties and guarantees unlike bank repo’s and short sales and most are maintained with pride of ownership. These are excellent investment opportunities for a buyer.
There are extremely favorable loan programs very recently designed to encourage buying.
Some have down payment assistance. First time buyer programs apply also to those who have not owned a home in the last three years. The Federal Government wants bank inventory SOLD and has acted aggressively to promote recovery. FHA qualifying FICO scores have been lowered. These programs and today’s low interest rates will not last forever!
Supply and demand
The indicator that should be most closely watched is the amount of inventory available. In the last “normal”market, prior to 2005, the Ahwatukee Foothills with approximately 28,000 homes had a consistent average of about 600 houses listed in MLS (the Az. Regional Multiple Listing Service). Today there are approximately 413 houses (condos excluded) available for sale. People are buying houses in the Ahwatukee Foothills. Forty or more houses go into escrow every week.
The last time inventory was low prices soared. Every home owner today has most likely thought “We should have sold in 2005, 2006 or 2007”. Like wise we will all be saying “In 2009 I could have bought that house for next to nothing”.
[ABOUT THE EXPERT] ||| Pam Eagan
Pam Eagan is a Realty Executives associate broker who has been selling the Ahwatukee Foothills area for 24 years.
In her own words: "As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground."Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game."I go the extra mile to help you achieve your goals. That's why I constantly research the market and property values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative advertising and marketing techniques to attract potential buyers."
ADDRESS: 4435 E. Chandler Blvd., No. 200 Phoenix, Ariz. 85048LOCAL PHONE: (602) 390-5740OFFICE PHONE: (480) 705-2288ONLINE: http://www.pameagan.com
[NOTE] ||| The Ahwatukee Foothills News and ahwatukee.com present "Ask the Ahwatukee Area Expert" as a promotional featured intended to serve both our readers and our loyal network of advertisers, through the assistance of the local business community. "Answers" and other information presented by the "experts" are those of the contributor, and do not represent the views or opinions of the Ahwatukee Foothills News (inlcuding ahwatukee.com) or its editorial staff.