I am attaching a recent article from Realty Times states that 70% of the country feels like it is a good time to buy a home. Is it? In Maricopa Arizona, it definitely is.

In recent blogs, I’ve highlighted a number of issues that have depressed prices in the Maricopa home market, driving values down to an all time low. Though the influx of short sales and foreclosures continue to flood the market, the arrival of seasonal buyers is expected to increase competition for available homes. This “migration of snowbirds” will peak shortly after the first of the year and will remain constant until mid-May.  It’s as predictable as 110 degree temperatures in July!

Yes, values are still going down and there is a possibilty that they may drop another 10% or more. However, the old adage of “don’t try to time the market” applies here. If you wait for the bottom, you may miss it. Sometimes we, myself included, get too caught up in the price per square foot and fail to see the “forest through the trees”.

Without a doubt, home values will continue to decline in the coming months. That being said, the more desirable homes will continue to solicit offers almost immediately. Large single level homes in particular are being targeted by the snowbirds and the best ones will continue to demand a premium.

The good news is that there is no real sense of urgency here. When the market in Maricopa Arizona does bottom out (and we are really close) it will not spike up again. The most likely scenario is that we will see a “trough” that will last a year or two after the last dip so buying opportunities will be there for quite awhile. Even if you end up paying 10 – 20% higher than the “bottom”, you will still be getting a home at a terrific price.

My best advice: “If you love it, buy it”! Don’t get too caught up in the what the market is doing.

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