Effects to Phoenix of another housing bubble burst?

[Banjo71]

I would wait it out, if possible, to ride out any market re-set.

If one had to buy now, I'd choose an area that has more investment stability over time. Generally speaking, a house purchased in Scottsdale or Paradise Valley should weather a market upset better than a house bought in Buckeye or Maricopa.

[BjornT]

Originally Posted by Lawgiva

I would wait it out, if possible, to ride out any market re-set.

If one had to buy now, I'd choose an area that has more investment stability over time. Generally speaking, a house purchased in Scottsdale or Paradise Valley should weather a market upset better than a house bought in Buckeye or Maricopa.

Thanks for the input! That's the current plan. Just leased a place for a year. We'll see what early 2017 looks like. I suspect some significant changes will have happened by then.

[BjornT]

Originally Posted by John7777

I hate to break the news, but the economy has been on life support for the last 8 years or so and now, the Fed has taken away that support. It remains to be seen if they'll backtrack, but as of now, welcome to the recession. And it's pretty much worldwide. Oil is going lower still, and China is in trouble. Europe is a joke, and Japan has its own set of problems. So, don't believe what the government is telling you. The statistics are fudged. Everything is not well.

Timing the markets, including the real estate market, is easier said than done, but I think that here, people would be well advised to put of any home purchase until more reasonable prices arrive.

Pretty much what I was thinking. Thanks for the insight.

[AZ Manager]

I'm in real estate for the long haul so my opinion is different than people looking to flip a home for profit, I buy rentals and plan to hold them for decades. If you buy now the only time your lost equity matters is when you are looking to sell. It could take years for a correction to finally happen, people have been claiming a correction will come for more than two years already. Buy something you can afford and only worry about it when you are ready to sell, average home ownership is back on track from the recession highs to 13 years. You will see a few highs and lows in that time.