Pinetop White Mountain Blog

Buyers, there is a lot of talk about how this isn't a good time to buy a home because prices are still dropping, loans are hard to get, etc. etc. etc. Well, there is there is some truth to those statements but you have to understand that markets are local.  What is happening one place may not be the case in another, even within the same State. 

Arizona is a prime example.  In the larger markets like Phoenix & Tucson prices are falling due to the huge inventory of homes on the market. Their markets are driven by people who are moving to another part of the city to be closer to their jobs, home in foreclosure from consumers and investors who overextended themselves when the market was hot a few years ago, and just from the nature of those locations. Markets in the larger metro areas are now, and have always been, pretty transient in nature.  People in that type of market simply move a lot for one reason or another.

However, here in the White Mountains that isn't the case.  Home prices are holding pretty steady and if they are coming down at all it is because they were priced too high to begin with! Many sellers haven't accepted the fact that they just aren't going to walk away from their homes with the huge profits of a few years ago. They are clinging to the hope that they will be the lucky ones who will get a high profit on their homes and many are simply not in any rush to sell.  They will wait until the market improves or a buyer comes along who is willing to pay what they are asking for their homes.  

Now, back to you the Buyer.  If you are hoping to own your own home in the near future, go for it.  Get yourself to your local lender and get preapproved. Then find a REALTOR® you feel comfortable with and trust and start looking.  In a volitile market like we are in today you just need to make sure you find a home you are going to be comfortable with for at least the next four or five years.  The experts all say it is going to be at least three more years before the Real Estate market really starts to recover simply due to the high inventory of homes on the market.  The balance between supply and demand has to be fairly even before prices can begin to gain in value again. Home prices are going to continue to flutuate.  They will go up or down for a while depending on the overall economics of the Country.  It doesn't matter! Real Estate is still one of the best investments you can make.  They aren't making any more dirt so if you own a piece of it it simply can't help but gain value over time. 

So, don't listen to anyone who tells you it isn't a good time to buy a home because prices are still declining.  Perhaps they are, but with a good Agent working for you to help you make a good decision about your home, you can't help but gain over the next few years.  Real Estate is a changable business.  Values go up, they go down, they level off, it is the normal way the industry works.  Interest rates are still fantastic and homes are still affordable, perhaps more so than they have been in several years.  So jump in, start the process, plan to stay put for a while, and start building a future.  It really is a great time to buy a home! 

For expert guidance and assistance with the purchase of your next home. Give us a call.  Real Estate is our Business, not a sideline.  Remember our motto:  "WE WORK FOR YOU!"

Sandra & Bruce Paulow, REALTORS®