When will the Arizona real estate market hit rock bottom and start turning the corner?

Nobody knows for sure.  Of course, many so called “experts” whose income does not depend on selling houses have plenty of opinions.  Then again, nobody guessed it would last this long.  However, two years ago when houses were being sold by placing a “for sale by owner” sign in the front yard, these same experts rarely warned or predicted what we are experiencing now.  In addition, executives, CFOs and CEOs of top banking and lending companies with huge six figure salaries and bonuses based on their companies bottom lines did not pull back on their companies lending money to unqualified individuals or delving into the sub-prime market or HELOCS.  Nobody was scared of the bubble bursting or the sub-prime market crashing.  If these so called “experts” could not predict the crash, why can they now be so sure of the return?

The simple answer is that they cannot.  The people who are in the trenches and whose income depends on the real estate market in Arizona are the best “experts”.  As a company, the Luxe Real Estate Group would be considered “REO” and “bank owned” experts as we represent some of the top banking and lending organizations, such as Countrywide, HSBC, GMAC and Bank of America.  We are seeing more and more foreclosure properties hit the market.  As long as large volumes of foreclosures flood the market, they will continue to bring home prices down.

This does not necessarily mean it is a bad time to sell your home.  It all depends on your unique situation.  It does mean that the days of selling your home with a “FSBO” sign are probably gone and the need for a good real estate agent is at an all time high.  Furthermore,  we have not seen such a great time to buy real estate in many years, especially for investors looking to buy low income and cash positive properties.  Bottom line is that CNN does not know the Arizona real estate market.  More than ever, home owners and buyers should turn to real estate professionals to get a true picture of the market before buying or selling real estate.

Contact the Luxe Real Estate Group at 480.948.6260.