A positive turn in real estate sales – Has the market hit bottom?

March 26, 2008 at 7:50 pm Leave a comment

Somewhat surprisingly, The Arizona Republic published a positive front-page story this week about an upswing in real estate sales.  Click here to read article in full.

The article is optimistic that a continuing increase in home sales and decrease in inventory will mean that we hit bottom soon.  But in reality, nobody really knows when the bottom will be reached — until we have long passed it.  It takes several months of consistent upward trends in sales and decreases in inventory to figure it out. 

To those buyers who are sitting on the fence, waiting for home prices to come down further, here are two things worth looking at:

1.  Purchasing a home is not about the market.  It is about your strategy.  Real estate investment is a long-term investment — not a short-term, get rich overnight scheme.  If you intend to buy a property with the strategy of holding onto it for at least five years,  you are in great shape.  Otherwise, be prepared to possibly lose money.

2.  Do not let greed overwhelm your goal of home ownership.  You may end up with nothing and lose the house you really want.  In this market, if you like the house and get a good deal, buy it!

Entry filed under: Arizona Real Estate, Chandler Real Estate, Phoenix Real Estate, Real Estate Deals, Uncategorized.

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