Oct. 10, 2007 03:09 PM
Housing market tips
Buyers• It's a great time to purchase a house if you plan on making it your home for at least a few years and not plan on flipping it for a quick profit. There are many deals on new and existing homes in the Valley now.
• It's tougher to get a mortgage now so make sure your credit record is good, and you have some money for a downpayment. Mortgage rates are still low, and there are lots of programs to help first-time buyers.
Sellers• Competition among sellers is high right now with more than 55,000 homes on the market across metropolitan Phoenix. Veteran real estate agents say homes in great shape that are priced right are selling, but homeowners can't expect the returns they saw their neighbors pocket a few years ago.
• If you need to sell, do it sooner rather than later because there's a chance prices will keep falling in some Valley neighborhoods. If the interest on your loan is rising, forcing you to sell, try to refinance. Real estate analysts advise homeowners who don't need to move to stay put for a few years until the housing market stabilizes.
Investors
• The days of the quick flips for hefty profits are gone and aren't expected to return. Valley buyers looking for long-term investments can find good deals in the housing market now but shouldn't expect lucrative rents on properties because of competition.