The latest reports show homes in Fountain Hills and other parts of the valley are picking up steam again and sales are brisk. It appears the investors are starting to dwindle, as they can no longer buy homes at bargain prices.
Many potential home buyers are still having a hard time breaking into the market. Low inventory and higher prices, are causing many to worry that we could be headed into a housing boom again. Despite a Fountain Hills housing recovery, lending standards will have to loosen up quite a bit before we see anything of that nature. Remember banks were lending to anyone with a pulse and buyers who should have never been qualified to purchase a home to begin with were given loans.
The rental market has definitely benefited the most from the downturn and demand is still very strong. Rents are sky-high in most of the largest U.S. markets, and vacancies are down and still falling. Multifamily housing starts were up 30 percent in July from a year ago, according to the U.S. Commerce Department. Rental property, whether apartments or single family homes have had amazing growth since the recession, and at a certain point that growth has to stabilize. You can only raise rents so much before you force people out.
How do you break get started in real estate investing? Start small, I am seeing a shift in purchases where home buyers are leaning toward smaller homes. The American house is shrinking due to environmental concerns, material costs and a general desire by home buyers to carry less debt. The goal should be even if you have to sacrifice on space , buy what you can comfortably afford in a great location. Location always trumps everything else. So if you had to choose a small condo or single family house in a good location over a large home in a so so location I would choose the small condo.
Now is a good time to invest in real estate if you can afford to. It’s difficult to gain future wealth by renting. Even if prices never went up you still have the benefit of having your tenants pay of the mortgage.
Do you have questions about Fountain Hills real estate? I would love to talk with you! For a quick response, you can contact me at 480 888 6708 or email me regarding Fountain Hills neighborhoods, price trends, short sales, etc. I’ll get back to you ASAP!
