Ok, ok, .... Maybe good news is pushing it a little.
And I don't at all want to sound happy or overjoyed as home values, and people's net worth slightly deteriorate..
However, after everyone catches their breath from this news and looks a little deeper past this fright filled front page headline in which a report showed an average home price drop accross the board for towns like Phoenix, Scottsdale, Fountain Hills, Gilbert, Mesa and Tempe (not Paradise Valley). it may a little more easily digested as a case of "Glass Half-Full" versus "Half Empty"....
Here's one man's humble of Why!!
1) It's a Buyer's market
2) Lenders easing credit
3) Lower interest rates
4) Reduction in inventory
5) Consumer confidence
(the rest of article continued)
-------------------------------------------------------------------------------------------------
Copyright © 2008 By James Wexler, All Rights Reserved. Good News ! - Home prices in Greater Phoenix drop record amount in last 12 months !!*
The quest for the ‘ Triple Crown ‘ is over.
Big Brown comes in last in Belmont and it's bid for history.
whether your a horse racing fan or not, almost everyone likes the pomp and circumstance, the fan fare surrounding the Kentucky Derby, Preakness and today's Belmont stakes.
Horses with names like, Secretariat, Seattle Slew, and Barbaro are in the media and horses are stars in pop culture.
And even if you are not a gambler, almost everyone has a favorite 3-year old.
As you know, I relate everything to real estate (others feel like this about Golf) and there is something to learn from the Kentucky Derby and Belmont stakes.
The horse race is a sprint. Betting on a sprint is a gamble; anything can happen. However, real estate is not a sprint. Home buying never has been a race; if it is one, its a marathon.
Those who gambled, and invested , for short-term appreciation recently where on the wrong side of what was a bet (even educated) that the market would keep flying. We know the end of that story.
The last 100 years (marathon) of buying homes and investing in real estate has proven to be anything but a gamble.
Home buying, is proven to be one of the most a valuable way for families to save, earn and invest with , overall, wild successful results. The American dream has created so much wealth for so many Americans because we are taught by our parents to put away money every month, consistently over a long period of time (in 30-year and 15-year fixed mortgages.)
The old saying, those who don't learn from their past, are doomed to repeat it, is all too appropriate today.
Buying Real estate, home ownership, should be thought of as a marathon; not a sprint, not a horse race, it is not a bet or gamble.
Don't bet on your future.
Invest wisely and remember that home ownership is arguably the best way to create long-term value with the short-term benefit of use.
-------------------------------------------------------------------------------------------------
Copyright © James Wexler, *"What gambling on horse racing can telll us about Real Estate Investing*
fellow fighters of the good fight.... just wanted to share my loud and gross objection to today's news; This is no way to go into a weekend.
But hey, let's look on the brightside, at least there was nothing negative about Real Estate !
did some someone say "Thank God its Friday" !! and at least we have wonderful weather here in
Phoenix, Scottsdale, Tempe, Fountain Hills, Peoria, Glendale, Paradise Valley, and the golf communities of Desert Ridge, DC Ranch, Troon, Grayhawk
I wish everyone a great weekend
by the way, dont hesitate to complain, object or share your frustration; sometimes, that's what we are here for.
-------------------------------------------------------------------------------------------------
Copyright © 2008 By James Wexler, All Rights Reserved. *"Rants, Ravings, and gross objections !! from Sunny Phoenix | Scottsdale*
Contact James Wexler (480) 221-8080 for Internet Marketing Coaching and Consulting.
You have all heard the investment phrase, ‘Buy Low Sell High'.
seems simple enough.... However, how do you help buyers actually do just that?
Let me share a story which might help shed some light on this investing " Holy Grail "
"Finance 101 says that, "the best time to buy is when opportunities are created out of seller necessity.
A couple I have worked with for some time, just bought a home straight out of a Builders Inventory (these days, builders have taken homes back from a buyer who could not qualify for a loan.) The original price on this home was more than $700K. They bought this brand large beautiful new home in a wonderful community for $400K.
Now, this couple has bought low. Have they purchase at the lowest? My crystal ball has not worked as well as I would like. However, based upon their needs, wants and desires, they have bought "Low" ; and more importantly, have a wonderful home to raise their family.
How do they sell High? Well maybe the correct term is sell "Higher".
Again, my crystal ball is on the fritz. However, they have a very affordable 30-year fixed rate that they can comfortably afford and do not have plans to sell for many years to come. A historical outlook will suggest that their plans to live in this home for 5-7 years and possibly longer will give them an excellent chance to build equity, save on taxes, sell higher, and again, most importantly,give their family a place to call home.
I would say that I have never seen so many great buying opportunities for the prudent, savvy, patient and credit-worthy buyer.
More and More these days, Opportunities abound. You just have to know where to look.
-------------------------------------------------------------------------------------------------
Copyright © James Wexler, All Rights Reserved. *Buy Low - Sell High -
I wanted to share Arizona State University 's, Dr. Jay Butler 's greater phoenix real estate market summary from January 07 to January 08.
Granted, this info is a little dated. However, it is important to summarize the year over year drop; especially in relationship to the steep drop from January of this year to June 1st of this year which has all but matched the previous 12 months in percentage decline.
In January of 2008, from January 2007 prices have declined in most areas of Phoenix and its surrounding towns/cities.
Mr. Butler's January study reported:
In Phoenix , the overall Median Price dropped from last year January $225K to $199K this year
In Scottsdale , the prices have remained relatively stable.The Median Price of $550K declined to $545K
In Tempe, Median Price has declined slightly from $283K to $254K
In Mesa, the median price has dropped about 10% year over year from $235K to $210K
In Glendale, home of the Superbowl, the median price has dropped also about 10% down from a median Price of $239K to $210K
In Chandler the median Price dropped from $305K to $257K
The highest Median price is in Paradise Valley at $1,108,000.
although, Mr. Butlers May report will not be out for a few weeks, it will likely show a decline of similar percentage in the first 5 months of this year that will match the average declines listed above.
Don’t fear, patient and loyal home buyer or seller and my dedicated and resilient fellow real estate professionals, lower prices can properly cool off a boiling market to a more stable level; much needed to stimulate buying and resuming confidence in a great place to live
Associate Broker~ Coldwell Banker (Scottsdale AZ) - I am a real estate agent in Scottsdale AZ, Phoenix AZ, Paradise Valley AZ & author of www.Wexzilla.com a Phoenix AZ | Scottsdale AZ real estate blog
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
