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What do you think about the current real estate market in Phoenix?

Buyer's market or Sucker's Market?

  • Is the real estate market currently a buyer's market or a sucker's market? Granted some places have felt a huge decline in price of homes, but in many others, there is huge supply of homes, and very little price decline. Interest rates are low driving many people into a frenzy that they have to buy and buy now or lose out, but in those places where prices are still artificially inflated by contractor/realtor/bank collusion, isn't it more of a sucker's market? Sure interest rates are low, but prices high in many places. Is it a buyer's market for homes, or just a buyer's market for re-financing your current home? To me, a buyer's market is when a buyer can get a really good price because of over-supply of product, regardless of interest rates. If you think about if you are saving money if you could go out and pay cash for a home, many places you will find you aren't getting a real good deal for your money, because low interest rates may be promoting a frenzy resulting in bid wars where you don't get such a decent buy afterall.

  • Answer:

    There are those that have differing opinions of any market. Your position is one that you believe in. Real estate is like the stock market. There would be trends where there are low periods and there are times when there will be high periods. The astute individual would have to make a decision as to which we are currently in and make a decision as to buy property or keep their money in the mattress for better times to come along. Those that make a decision to purchase when stocks or property is considered at an all time low, normally would be financially better off when things eventually turn around. Most individuals consider today's real estate market a buyers market. Some would take advantage of this market and purchase a house for their family or investment. There are current trends that this is true. Interest rates are extremely low. Some are saying they are the lowest in 50 years. This is nationwide and not regional. Properties throughout the United States are at an all time high. This is also nation wide as the price pinch is felt from California to Florida. One poster has indicated the cost of purchasing a house in NJ are also low in price. I hope this has been of some benefit to you, good luck. "FIGHT ON"

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"contractor/realtor/bank collusion" - Explain this, it makes no sense. Low interest rates and low home prices are a buyer's market. Done.

Pascal the Gambler

Like every real estate transaction. Specific to the individual case. I'm working in counties where foreclosed property is selling for such low prices the county clerk's offices won't record the deed of transfer without seeing a copy of a signed HUD 1 to prove what the actual purchase price is. For the most part, a sharp buyer can make a killing on the right property. And get screwed if he's not so sharp on the wrong one.

wizjp

Speaking in general terms about the real estate market vs. something like NY City where Co-Ops priced above 30 million have been selling at a brisk pace for that particular market over the past year 1. While it’s still a buyers’ market , deals just do not fall from the sky into your lap, for those seeking to buy a single family owner occupied home 2. The big boy investors with serious capital behind them are getting great deals for many reasons, like able to buy in bulk, large apartment complex, or commercial property etc. 3. Foreigners have been flooding into big markets like NY City, Miami buying investment properties, all cash deals 4. Many buyers are not savvy when it comes to buying a home, many people will not play hard ball, make multiple offers, falls in love with the home and not the deal, allow real estate agents push them around even when it’s a buyer’s agent 5. Hence the recent data that show in many areas buyers, who went the FHA route with low down payment, over the last 2 years are actually underwater at this time because of the current trend down ward of home prices ,

goz1111

It's definitely a buyers market. I don't know where u live, but here in nj, u can practically steal the houses. A lot of people are underwater, meaning they owe more on their house than its worth which makes this type of sale a short Sale. This means the seller negotiates with the bank to accept less than what is owed on the mortgage. This hurts other homeowners who are trying to sell their house for market value. Why would someone buy a house for full price when they can buy a short sale (bcuz there are so many on the market) for just a fraction of the price?

blonde bombshell

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