Real estate rebounding in Arizona
Banks want people buying homes again. They are offering very low interest rates and the housing market is making a rebound here in Arizona.
Bobby Lieb has been doing real estate for 20 years in the Valley, and he says the housing market is making a comeback.
“The market’s really good,” he said. “It’s nice to be able to sell homes to people who actually have equity.”
“We’ve clearly been through a very disruptive period over the last 10 years. The last two years have been recovery from all the bad things that happened,” said Mike Orr, the director of the Center for Real Estate Theory and Practice at Arizona State University’s W.P. Carey School of Business.
According to a new report from the school, prices for single family homes in Maricopa and Pinal counties are up 33 percent from last September. At the same time, demand is waning and housing supply is up.
Because of that, banks are once again loosening lending policies, offering mortgages with down payments as low as 5 percent.
“Five percent is much easier to get together and as long as you qualify and all the other things, I don’t think the banks are going to be repeating the same mistakes,” Orr said. “They got hurt very badly.”
Both Orr and Lieb agree, that this is great time to buy — or sell — a home. The playing field in the real-estate game is just about even.
“You want to know that you made a good investment and I think at this point in the market, people are feeling that,” Lieb said.
Orr says it’s also a great time to own a home because chances are the home you’re in has appreciated.