I have never ever heard a realter say, wait to buy, always, no matter the market they advise people to buy! That's the only way they make money is through transactions, so their perverse incentive is to always advise to buy! In my view now and for the next 12-18 months is one of the worst times to buy, if such a purchase is optional. We are approaching the end of the real-estate cycle and in 18-24 months we will see another 2008 like crisis and Phoenix is a notorious market for 40-50% declines!
You are trying to time the market, buying a house is not like buying a stock, its more of a necessity for most people and is a way to build wealth. In theory a consumer starting around early 20's should purchase a starter home to build experience and equity, then move up by 30's as they get married and have a family to a more family sized home. So in theory you will buy and for about every decades time, even if you purchased at the prior peak of 2008 it took far less than a decade to get back. And not all areas suffered as bad in 2008, it was mostly the fridge areas of the city the new builds, we also had more inventory than supply the entire time leading up the crash of 2008, now we have had the opposite with rising prices and inventory decreasing since 2019 hitting a low a few years ago but now its coming back inventory wise and prices are fairly stable as we still have more demand than supply. And again real estate is about location, so purchasing the proper location is key to maintaining value and reducing the fluctuations experienced by the market as a whole. "We are approaching the end of the real-estate cycle and in 18-24 months we will see another 2008 like crisis and Phoenix is a notorious market for 40-50% declines!" - Again in 2008 we always had more inventory than demand, again since 2019 we have had more demand than inventory.
The right time to buy is right after you win the Powerball or Mega Millions jackpot for the minimum down payment and closing costs on a starter house. Otherwise, there's always the homeless encampment downtown.
July. The right time is July.
I have never ever heard a realter say, wait to buy, always, no matter the market they advise people to buy! That's the only way they make money is through transactions, so their perverse incentive is to always advise to buy! In my view now and for the next 12-18 months is one of the worst times to buy, if such a purchase is optional. We are approaching the end of the real-estate cycle and in 18-24 months we will see another 2008 like crisis and Phoenix is a notorious market for 40-50% declines!
You are trying to time the market, buying a house is not like buying a stock, its more of a necessity for most people and is a way to build wealth. In theory a consumer starting around early 20's should purchase a starter home to build experience and equity, then move up by 30's as they get married and have a family to a more family sized home. So in theory you will buy and for about every decades time, even if you purchased at the prior peak of 2008 it took far less than a decade to get back. And not all areas suffered as bad in 2008, it was mostly the fridge areas of the city the new builds, we also had more inventory than supply the entire time leading up the crash of 2008, now we have had the opposite with rising prices and inventory decreasing since 2019 hitting a low a few years ago but now its coming back inventory wise and prices are fairly stable as we still have more demand than supply. And again real estate is about location, so purchasing the proper location is key to maintaining value and reducing the fluctuations experienced by the market as a whole. "We are approaching the end of the real-estate cycle and in 18-24 months we will see another 2008 like crisis and Phoenix is a notorious market for 40-50% declines!" - Again in 2008 we always had more inventory than demand, again since 2019 we have had more demand than inventory.
THE RATE THAT EVERYTHING IS GOING, I DO HOPE MOST AMERICANS CAN GET HOMES
The right time to buy is right after you win the Powerball or Mega Millions jackpot for the minimum down payment and closing costs on a starter house. Otherwise, there's always the homeless encampment downtown.
I have a 3bd 2ba townhouse in DT Phoenix AZ for 300k. Any interested parties?
Never