This is still a great time to invest in Phoenix Foreclosure homes. The combination of employment opportunities drawing individuals to the area, home prices dropping in a large number of Valley communities, and an abundance of foreclosed homes flooding the market, have caused rental property to become much more popular.
A dramatic population shift over the last century means that many of the largest cities in the nation are emerging in states bordering Mexico. Phoenix is now the fifth largest city with a population of 1.5 million in 2006. It is a fast growing city today, growing by another 43,000 people between 2005 and 2006. Due to the environmental nature of the Southwest, the population is much more dense near the largest cities in this desert state, with the metro area surrounding Phoenix accounting for over 75% of the entire Arizona residential real estate market. Maricopa County, Arizona, which is where Phoenix is located, recorded nearly 70% of the foreclosure filings in the state in August.
The similarity that is found, when examining the Valley areas that have recorded the largest number of foreclosures, is the reputation these areas have for reasonably priced homes. In Maryvale, West Phoenix, and Mesa, East Valley, home owners with adjustable rates mortgages have been especially vulnerable. This clustering of foreclosures will force prices down over the coming months as the pattern becomes more and more noticeable.
So this begs the question to be asked: is now a good time to buy in Phoenix? Many buyers are hesitant to make a purchase at this time, preferring to wait until they can be more confident that the market is recovering. The appeal of rental property in Phoenix is high, thanks to the encouraging private sector job growth, and low unemployment. People who are losing their homes don’t want to move from the city itself, or the suburbs they are currently living in.
So if you are wondering if you really want to invest, you should keep in mind that you don’t have to buy the foreclosure to live in yourself; you can buy it as a rental property and a source of additional income. It is expected that the for the buyer, your ultimate potential for negotiation will definitely peak this fall in Phoenix.
Want to find out more about mesa homes for sale, then visit Nathan Oulman’s site on how to choose the best mesa homes for sale for your needs.
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