The LA Times recently had an article explaining the unique situation we are experiencing here in the Phoenix area, and to an even greater degree, here in Maricopa. With the prices of homes being on the decline since the 2006 highs, a "mini boom" has been created now that buyers are becoming increasingly aware of the great values that are available in the market. The following quote from the LA Times article describes what has been seen across the valley:
After four years of renting because they were priced out of the real estate market, Jamia Jenkins and Scott Renshaw concluded the time had arrived for them to buy.
They saw that home prices had dropped so fast here -- faster than in any other big city in the nation -- that mortgage payments would be less than the $900 they paid in rent. The city is littered with foreclosed houses, so the couple figured they could easily snatch up something in the low $100,000s.
When buying becomes less expensive per month than renting, that is a good time to get into the market and it appears from the increased turn around time of sales in the area, more and more buyers are coming to the same conclusion. Maricopa, maybe more than any other suburb of Phoenix has been primed for this summer's potential boom due to it's affordability and it's unique status of being able to still provide 100% financing via government backed mortgages, something that is unique within the Phoenix area. I will speak more about such loans in an upcoming article. To read the full text of the LA Times article, click here.
If you are in need of a real estate agent, please contact Realtor® Dennis Smart.
Photo Courtesy of: Matt Callow
