I just got back From Phoenix last night and I had to post this. The Real Estate Market has slowed. There are three times more properties for sale this time of year as compared to last year. The rental market is starting to experience a shortage of rentals. What does all this mean? It means that pressure will be put on rents and the rental market has hit the bottom of the soft cycle. Rents are going up! Now I know you might be saying…I’m not from Phoenix, so what does this have to do with me. Well, this is just one sign of the market is turning in many areas and if you market hasn’t turned yet..it will!
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I agree, it feels like rates will rise and make it more difficult for first time home buyers. With vacancy low and very little apartment building going on, eventually we should see rents rise.
Sounds like a good time to buy. I have my financing in order but I’m having trouble finding something that will cash flow…..or even come close. This is partly because I can’t make a large downpayment.
Suggestions?