Values plummeting, foreclosures rising and more default loans than ever seem to be the common theme on the evening news in terms of the real estate market. However, what you don’t hear is that the real estate market that appears to be all doom and gloom is actually just as hot as the record temperatures we have experienced here in Phoenix. So, what makes the Phoenix market so hot right now, and more importantly, why is it beneficial to you?
First and foremost, real estate should be viewed from two different perspectives – a micro (small) as well as a macro (large) perspective. The macro perspective is what you see reported on the evening news, which is based on national data that is most often anywhere from several months up to an entire year old. A micro perspective views real estate on a local, zip code and even a community level.
What’s REAL about the current real estate market here in Phoenix is that it is hotter than ever. It is a seller’s market right now, which means there is very little inventory. Property demand from buyers has been high, which has resulted in the increase of selling prices as well as the values of properties.
This is important for you to know because the values of your own personal homes as well as any of your investment properties are more than likely rising. Property values here in the Phoenix market are not rising too quickly, unlike the inflation and false values the market saw between 2004-2007, which was due to the rapid pace of increasing prices. Current interest rates are also remaining at historically low levels, making for the perfect storm…the kind of storm that you want to be in!
We will keep you up-to-date on how you can capitalize on the current market as well as inform you on how and what pitfalls to avoid.
Justin Colby is President and Co-Founder of Phoenix Wealth Builders and Omni Investment Group. Justin and his business partner Eddie Rosefield have been rehabbing homes in the Phoenix market for nearly six years. The market conditions are constantly changing in Phoenix so Justin decided to start a company more focused on cash flow properties. Justin graduated from UCLA in 2003 and was full time into real estate by 2005. His passion is the art of the deal. He is a master at networking and realizes that it is not what you know but who you know. Justin has been a Fortunebuilders coach for almost two years and takes great pride in helping students become success in real estate and in life.
Eddie Rosefield is the Co-Founder and CEO of Omni Investment Group LLC. Eddie had most recently been directly involved with consulting on land development and the planning and building of single family homes largely in regards to liability insurance and property insurance matters in his time with a major National Home Builder. Eddie's passion for real estate started many years ago, and with some planning AND the combined vision & knowledge of the current real estate market and where it was headed, he knew he could make a positive difference. It is one of Eddie’s primary passions to help fill a void in the distressed real estate market by doing his work "in the trenches" by helping to alleviate the burden of the millions of homes that are vacant and hurting our current housing economy by getting struggling families back into these homes and into the dream of home ownership through various creative investing strategies. Giving back by passing on his knowledge & experience to others as well helping other investors TAKE ACTION is of the utmost importance to Eddie.
