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Considering buying a Phoenix real estate investment? There may be no better time than the present to purchase one of the Phoenix Homes for sale in Arizona’s Valley of the Sun. By now, most people have realized that like many parts of the country, Phoenix real estate values have been falling. Unfortunately, because of economic machinations, irresponsible financial behavior on the part of the current Administration and federal economic policies that for a generation have favored large, wealthy corporate interests and individuals while actively seeking to hurt the average American worker, many homeowners were lured into “adjustable rate mortgages,” or ARMs. Aggressive and even predatory lending practices by the mortgage industry has now led to major problems as on one hand, people own more on their homes that the homes are worth, and are now facing significantly increased payments as the fed raises interest rates. On the other hand, the inability of those with mortgages to meet their payments has caused many lenders to go under. In the great conservative tradition of the past 27 years, the current Administration has eagerly come to the rescue of these lenders, while allowing average hard-working, tax-paying citizens to go under. The result: very motivated buyers in many parts of the country. Wealthy investors are taking great advantage of the situation in many parts of the country, adding greatly to their portfolios by buying up these homes at bargain-basement prices from economically distressed, hardworking families facing foreclosure due to circumstances created by an irresponsible, pro-corporate U.S. government. When it comes to the Phoenix area, there indeed has been some dip in the value of houses, however, due to a strong local economy and an large influx of new residents, this dip has been far less dramatic than in other parts of the U.S. The median home price, while somewhat lower than a year ago, is still over $20,000 more than it was at the height of the boom in 2005. Therefore, when buying a Phoenix Arizona home or condo, you should do it with the intention of staying in that home for at least five years; looking at such a purchase as a chance to “flip” the property for a quick profit would be a grave financial mistake. On the other hand, when all issues are considered – such as the quality of life, the strength of the local economy and the many advantages of living in the Phoenix metro area with all that it has to offer, purchase of a Phoenix Arizona condo or home will most likely prove to be an excellent long-term investment. While nobody can predict the future, all indications point to a thriving, growing community in the Valley of the Sun in the coming decades. A Phoenix real estate agent, Wayne Hemrick is intimate with the home mortgage business and its effects upon the Phoenix real estate market. If you are considering the purchase of one of the Phoenix Homes for sale, Waynes insight into Phoenix and Scottsdale realty is timely and valuable, providing you with tools to make a wise Phoenix real estate investment decision.
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