When investing in commercial or residential real estate in Arizona, there is a lot to consider. Not only does it help to be aware of market trends, it also helps to have legal expertise informing each step along the way. With all real estate transactions, there is going to be paperwork, some of which may be complex. Before signing anything, it is oftentimes prudent to make sure all of the terms are sound and that each step is reasonable and responsible.
According to a real estate expert, home prices in Phoenix are becoming more and more reasonable. The expert said that the cost of buying a home in Phoenix is significantly less than it once was. According to the expert, the median sales price of a single family home is $195,000 — a figure that is the lowest since August of 2013. What’s more, he says, home prices have gone down month after month this year — and this is a good thing.
The expert claims that right now, the real estate industry appreciates the market Phoenix is in at this moment in time. Calling it normal, the expert says that sellers are acting reasonably and buyers are being consistent and asking normal prices. If the real estate market in Phoenix remains the way it is now for around two to seven years, he claims, most people would be quite pleased by the Phoenix real estate market.
Now may be a great time to invest in Arizona real estate or purchase a residential home. However, real estate transactions can be quite complex, involving much that may not be initially obvious. The decision to become a homeowner or investor is an exciting one, but before making any hasty decisions it is always reasonable to make sure each choice is backed by a solid legal foundation.
Source: KTAR, “Expert says Phoenix home prices becoming more normal,” Bob McClay, April 18, 2014