The rumor mill is buzzing. Now is an opportune time to buy a new home.
Median prices are low, and getting lower. Fixed mortgage rates hover around 5%. And realtors are offering potential buyers enticing tax credits.

In Phoenix, the market is especially attractive. If you have good credit and ample capital, the next six months could present a unique buying opportunity.

The price of a home in Phoenix is low, some as low as prices from 2004. The median sale price is $178,000, a number last seen in November 2004. And with foreclosures, more homes are selling for less than that, lowering the sale price to roughly $170,000. And the fixed mortgage rates, which hover around 5%, are the lowest in 40 years.

But still people are hesitant. The economy’s forecast is making potential buyers think twice. They are worried about keeping their jobs, earning the money that will pay their mortgage, and spreading roots in a city that may or may not recover from the current recession.

Realtors and experts are trying to assuage buyers’ concerns. The Arizona Star recently ran an article on the situation.

"Right now is probably the best time we have had for buyers, as far as the convergence of prices, interest rates and the number of properties to choose from," said Martin Eggers, an agent with Desert Roadrunner Realty.

"The window, I think, will be relatively short-lived. Interest rates I don’t foresee staying low like this forever, and then the next part of the equation is once people realize it is such a good time to buy, they are going to start buying," he said.

Again, the fact comes down to buyers who are ready to buy – that means having enough capital and good credit. This is in stark contrast to five years ago, when home were sold to people without capital. Many of these homes are now in foreclosure. But this is a positive sign. It represents a new era of personal responsibility, and will help balance the Phoenix real estate market.

Again from the article:

All of this sounds good for potential buyers, but University of Arizona economist Marshall Vest said it’s important to remember all the caveats out there, especially since he expects the recession to continue for at least another year and for the Tucson economy to lose thousands more jobs.

"If you have a job, and if you have good credit, and you can come up with a down payment, and if you have sufficient income to amortize the mortgage, now is a great time to buy," Vest said. "Mortgage rates are low, and there are some really good deals out there."

The current Phoenix real estate market, for the few who feel stable and confident enough to invest now, is an ideal market to buy.

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Fun, fabulous, and family-friendly are just a few of the words that deliver an accurate description of . Oh, and don’t forget financially feasible! It’s now easier than ever before to make your home in this great city, what with housing prices starting off at $2,000! Take a gander at a few of the available listings below, and when you’re ready to get serious, www.findtemperealestatelistings.com is the place to go to start your home quest!

In Tucson, Arizona, You Can Have 13,320 Square Feet for $13,500,000

As your collector clients fly-in to town searching for Rare – introduce them to this 15 Car-Vault Property. Sensational, seductive, stunning as well as spectacular; this European estate boasts opulent finishes, a magnificent d+¬cor and endless mountain, desert and city lights views. Grand entry hall w/dramatic hand-painted fresco. Elegant living room w/imported marble fireplace. Kitchen w/Clive Christian cabinetry, professional appointments, separate prep/catering kitchen. Master w/chic boudoir, couture closets, lavish spa-bath. Fitness center w/massage room, tanning salon, sauna. English pub w/brass and glass double doors, swirling ceiling motif, bar w/polished brass fixtures. Luxurious theater w/state-of-the-art audio/video. Shimmering infinity-edge pool, BBQ kitchen and more…

Listing Courtesy Of:
Frank Aazami, Russ Lyon Sotheby’s International Realty

Listing Source: MLS# 4193915

In Paradise Valley, Arizona, You Can Have 15,000 Square Feet for $13,500,000

Nestled in the exclusive enclave of La Place Du Sommet on the southeast slope of Mummy Mountain, this architecturally significant Old World design is a masterpiece. Panoramic views including Four Peaks, the McDowells, the Superstitions; the lights of Scottsdale is the background for this magnificent 15,000+sf estate! Chiseled cantera stone and exquisite millwork set the state for this five bedroom, eight bath residence featuring music room, library, theatre & game room, wine room. The gourmet kitchen opens to the spacious family room and the art gallery flows into the lovely guest house. Enjoy year-round swimming with indoor pool/spa. 6-car garage.

Listing Courtesy Of:
Madelon Renee Allen, Coldwell Banker Residential Brokerage

Listing Source: MLS# 4222844

Copyright 2009 Arizona Regional Multiple Listings Service, Inc. All rights reserved. Listing provided by the Arizona Regional Multiple Listings Service. All information should be verified by the recipient and none is guaranteed as accurate by ARMLS. Listing information was last updated on 11/16/2009 1:16:00 AM.

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