Probably not a bad time at all to buy Phoenix Foreclosure homes! In many Valley communities house prices are down, there is an oversupply of affordable homes coming onto the market due to foreclosure, yet job prospects lure many driving a keen demand for rental property.
In the past 100 years, the overwhelming population growth in the U.S. states on the Mexican border, have caused cities among these border states to become our country’s biggest cities. The fifth largest city in the country, with a population of 1.5 million as of 2006, is Phoenix. It is a fast growing city today, growing by another 43,000 people between 2005 and 2006. Being a desert state, it is not surprising that the population is densest around the largest cities, and the metropolitan area around Phoenix accounts for more than 3 quarters of the Arizona residential market. Phoenix is county seat of Maricopa County, which recorded 70% of the significant increasing foreclosure filings in Arizona in August.
Certain areas have suffered from more foreclosures than others, however all of the areas affected are known for affordable home prices in the Phoenix area Valley community. In Maryvale, West Phoenix, and Mesa, East Valley, home owners with adjustable rates mortgages have been especially vulnerable. Some local experts believe that other clusters of foreclosures will be noticeable over the next 6 months pushing prices down in those areas as well.
So is this the right time to invest? 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. Individuals who currently reside in the suburbs, will be reluctant to move from this area if they are in the process of having their homes foreclosed, as will individuals presently living in the city.
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 foreclosures, then visit Logan Oulman’s site on how to choose the best mesa foreclosures for your needs.
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