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This post is about the past, and the future…
Starting with the past is was just a few short years ago that real estate investing was all the rage and everybody was doing it. It was a fad and it seemed as if you could buy anything, mark up the price, and turn it for a quick profit.
During these times everybody buying and selling was making money and seemed to be a genius. Over time people started to realize that investing fundamentals were being broken and a chain reaction ensued… and the bottom fell out of the real estate market.
Loans dried up faster than a desert oasis. Properties stopped selling quickly. Builders stopped building. And then people stopped making payments… then foreclosures… then REOs… and then prices started falling faster than a bad souffle (yeah… the “Kick Ass” guy used the word souffle)!
What began as a strong real estate market quickly turned into a buyer’s market and the housing market has taken down the US Economy. The idiots running Washington are clueless and if you are thinking they have any answers then know that I believe in Darwinism (survival of the fittest) and am hopeful your gene pool is heading towards extinction.
So the real estate markets have changed, new challenges have risen, and a new market is upon us.
Yes, we are in a buyer’s market but the question is for how long?
The Future. Have We Hit The Bottom?
Phoenix Arizona is one of the hardest hit falling real estate markets in the US and there is evidence that we have reached the bottom.
Let’s be clear… I do not believe in forecasting(guessing) so for me to even put in print that we may have reached a bottom is huge.
Here’s what I’m seeing that leads me to believe the bottom may have been reached:
1. Prices are trending up. Especially for properties under 200K
2. Inventory is decreasing. In the last 60 days their has been a major shift if inventory. Unbelievable.
3. REO’s are stabilizing. One agent I know of is getting an average of 8 offers per REO and people are in price wars.
When looking at the various stats for the market one thing has become evident… The markets are changing and strengthening very quickly. Even builders are coming back and Maricopa County (Phoenix) is seeing a rise in building permits.
And that’s why I’m so excited to share this news with you… The markets are changing and you need to participate if you are going to take advantage of what may be the end of the biggest buying opportunity we have ever seen.
It is very likely that we are at or just past the bottom right now. And if we are things then watch out when the lenders make it easy to get money again because their will be a surge in buyers!
Author: Gerald Romine
About The Author:
Gerald Romine is a nationally recognized real estate expert that has been featured across North America sharing the stage with political leaders, film stars, and business leaders. Since 1989, Gerald has been involved with real estate as a real estate agent, broker, rehabber, investor, and builder and has been involved with everything from houses to apartments. For more information about Gerald’s products or services visit www.kickassrealestate.com
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