It seems that the whole country is watching the housing market with bated breath, waiting for the next move. Have we reached the bottom of the market? When is a good time to buy? Or should we continue to rent, fearful of an uneasy market and shaky lenders?
The question of whether it is time to rent or buy has a very different answer depending on what part of the country you live in. As reported in a recent article in Time Magazine, there are a handful of cities in the country where buying is your best bet. That includes both Mesa and Phoenix, Arizona. On the other hand, in places like New York City, renting is still the better option.
Now is not the time to expect to be able to quickly turn houses for profit. But to invest in your dream home, or to find a few properties to rent for the next several years, the market is good. If you have the time and resources to purchase a home, do so! More and more would-be homebuyers are scared of being burned by the housing market, and they prefer to rent. Since first-time home buyer tax credits have expired and lending guidelines are stricter than ever, it’s more difficult to jump through the hoops. But if you can dance through the fine print, this is a great time for Arizonians to snatch up some prime property.
But it bears repeating that if you’re thinking about purchasing a home, even in Arizona, plan on staying put a while. If you’re considering buying a home for your family, versus buying for investment, it may take ten years before you’ve made a cheaper decision than renting.
From that aspect, it might seem like you’ve got plenty of time to think about it. This is a potentially false sense of security. There are many banks freezing foreclosure in many states, and once the foreclosures have been processed there will be a veritable flood of foreclosed properties on the market. When this happens, it will be the time to buy property in Arizona. Financial analysts are calling for the market to turn shortly after. It will be a slow incline, but a steady one.
If you are considering buying investment property, do some research and find out what areas of the country are best to buy and which are best to rent. Depending on your long-term investment strategy, that small bit of work can make a world of difference in your portfolio.
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