Greater Phoenix Real Estate Numbers

194283 Resource 164804 165387 165387 1199854970777 1214067344878 Controlled Phoenix real estate outlook for 2008

What will the Phoenix real estate market be like in 2008, when will it be time to buy.

Phoenix Residential Outlook for 2008.  This is a report based on notes taken at the IREM / <a title="CCIM Partner in Phoenix, AZ" href="http://www.ccimpartners.com/Artur" target="_blank">CCIM</a> 2008 Economic Outlook Meeting.   This was a meeting of professional who work directly in the field of real estate in the Greater Phoenix market.   Although there were discussions of the office, retail and industrial markets I will focus on the other two topics,  residential real estate in <a title="multifamily real estate outlook in phoenix" href="item/194254">Phoenix and the multifamily market outlook</a> which was discussed in an earlier <a title="multifamily 2008 phoenix real estate outlook" href="item/194254" target="_blank">post</a>.  There is a lot of doom and gloom, but it’s all good.   This is a part of the normal real estate cycle with some unique twists, but in every real estate market <a title="buy phoenix real estate in 2008" href="item/194278" target="_blank">there is an opportunity</a>.  2007 can be separated in two.  The first 2 quarters were good.  The real estate market, nationally and locally in Phoenix was still good and it looked like just a slight dip or a minor slow down.  By the third quarter is was evident that the real estate market was on a clear decline with a quick rise in mortgage defaults and an almost sudden cliff dive in transactions.  The fourth quarter was a bruiser.  The market was laying conquered in the dirt.  We should be getting the final numbers for 2007 in the next few week, which we will post here.  Take a look at the <a title="Greater Phoenix home price trends" href="item/180051" target="_blank">latest numbers and median home price charts for Greater Phoenix</a>.  The next two months in Phoenix metro will be vibrant, exciting and fast moving with all the activity like the Super Bowl the car auction;  Phoenix will be on the national stage with huge numbers of people watching.  Some 40,000,000 million people visited Arizona last year, and even more will want to visit after seeing it on their big colorful plasmas or <span id="gtbmisp_70" style="border: 0pt none ; margin: 0pt; padding: 0pt; background: transparent none repeat scroll 0% 0%; font-family: serif; font-style: normal; font-variant: normal; font-size: 100%; line-height: normal; font-size-adjust: none; font-stretch: normal; position: static; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; text-align: left; text-indent: 0pt; text-transform: none; color: rgb(0, 0, 0); cursor: pointer;">LCD's with its green winter golf courses and people lounging in the sun in shorts with cups of coffee. But after that excitement wanes down it will get ugly again.  In 2008 more loans are set to reset, more homes will hit the market, vacancy of apartments and rental homes will rise.  <a title="homes for sale in phoenix" href="item/194278" target="_blank">In 2008 real estate will be on sale</a> to paraphrase Stanley Cook.   But what is wrong with a sale after such huge price hikes.  If you bought at the right point of the curve then a 10%,15% discount is almost justified.  It will only hurt, and bad, in many cases, if you bought at the wrong time and you have to sell.  Many people bought at the tip of the curve.  If you don’t have to sell or if you are selling and moving up then there is not great loss.  If you don't sell, you don't lose.  If you sell at a discount, you get to buy at a discount as well.  You may even sell and take a hit to reinvest elsewhere, in other investment vehicles or even in Central Europe where the supply is still not catching up to demand.  We will need to go through about 20K new homes a year to get to a more balanced market.  Even rate cuts will not help much.  Prices, especially on the outskirts of the Phoenix valley will suffer, this is where most of the oversupply of homes is.  This is where many of the remaining home builders are discounting heavily to push inventory, selling for much less then the other hundreds of resale homes competing for the same buyers.  When will the Phoenix real estate market return to equilibrium and when will the real estate prices go back up?  Don’t ask the experts, their guess is almost as good as yours.  There are just too many factors to contend with to pick a decisive quarter, but expect it to be later then sooner, sooner meaning 2008 and later meaning late 2009.  It looks like 2008 will be the dip.  In this dip there is a silver lining.  It is in the dip that you should buy real estate.   If you are thinking of investing in real estate or buying a home, 2008 should be the year for you to do it in.  Greater Phoenix is set and ready for more growth when the market turns.  Buying real estate in Phoenix in 2008 will be just like buying those holiday decorations after the holidays, ready for the next season with more lights and more cash in your bank account.  Buy real estate but do it carefully. Please note that this is a general view of the Greater Phoenix market.  Individual communities have their own supply / demand trends; some are up over last year and will be up in 2008 while other areas, such as many in <span id="gtbmisp_71" style="border: 0pt none ; margin: 0pt; padding: 0pt; background: transparent none repeat scroll 0% 0%; font-family: serif; font-style: normal; font-variant: normal; font-size: 100%; line-height: normal; font-size-adjust: none; font-stretch: normal; position: static; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; text-align: left; text-indent: 0pt; text-transform: none; color: rgb(51, 51, 51); cursor: pointer;">Pinal County like <span id="gtbmisp_72" style="border: 0pt none ; margin: 0pt; padding: 0pt; background: transparent none repeat scroll 0% 0%; font-family: serif; font-style: normal; font-variant: normal; font-size: 100%; line-height: normal; font-size-adjust: none; font-stretch: normal; position: static; -moz-background-clip: -moz-initial; -moz-background-origin: -moz-initial; -moz-background-inline-policy: -moz-initial; text-align: left; text-indent: 0pt; text-transform: none; color: rgb(0, 0, 0); cursor: pointer;">Maricopa and so on, that will be behind, probably by 2 years, after the rest of the metropolitan area is well into the appreciation side of the real estate curve. 9 application/xml false 2008 phoenix real estate outlook CCIM 2008 Economic Real Estate Meeting CCIM in Phoenix cheap homes in phoenix discount homes in phoenix phoenix real estate phoenix real estate in 2008 phoenix real estate market state of real estate in phoenix Greater Phoenix Real Estate Numbers Housing trends and median home prices. item/180051 Greater Phoenix Multifamily Outlook for 2008 Apartment outlook in Greater Phoenix item/194254 Start looking for your next real estate purchase. Phoenix real estate MLS search. http://www.searchvalleyhomes.com What is your real estate in Phoenix worth? Estimated home values. http://www.accesshomevalues.com Buying real estate in Phoenix in 2008 will be just like buying those holiday decorations after the holidays,... Mozilla/5.0 (Macintosh; U; Intel Mac OS X 10.5; en-US; rv:1.9) Gecko/2008061004 Firefox/3.0 127.0.0.1 127.0.0.1 aciesielski 98.165.109.170 false true false false true 176502 false false true false false false true 194324 Resource 176502 173239 165387 1199887046519 1201307009973 Controlled First time Homebuyers

There is still 100% financing available

Even with the credit crunch there is still 100% financing available to first time homebuyers.  Grants that provide 5% downpayment assistance, special lower interest rates and other closing cost programs still make it affordable for First time homebuyers t purchase.   10 application/xml false first time home buyers loans for first time home buyers phoenix real estate Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 aciesielski 68.3.229.91 false true false false true 194655 Resource 176502 173239 165387 1200289328404 1201307242017 Controlled Not just 1st Time.

100% financing in greater Phoenix

Erica, Your absolutely right.  Not only are there programs like FHA and VA that provide 100% financing, but there are other lenders who have 100% financing programs.  The down payment assistance has limited funds, so if someone is considering looking into that program its better done sooner then later.  So, not only do buyers have access to great loans at great historically low rates, but prices are much lower, low enough to be a bargain in many cases. 10 application/xml false first time home buyers phoenix real estate zero down home loans Mozilla/4.0 (compatible; MSIE 7.0; Windows NT 5.1; .NET CLR 1.1.4322) 127.0.0.1 127.0.0.1 aciesielski 68.3.229.91 false true false false true 164804 blog blogsite/ArturCiesielski/web