Phoenix, AZ (PRWEB) February 20, 2013
“With low inventory and too many buyers, the housing experts believe the Phoenix Real Estate Market is on the verge of a new boom in real estate values,” predicts Dennis Dahlberg, Level 4 Funding’s General Manager, Private Hard Money Lender with many years of flipping and fixing real estate experience.
According to Dahlberg, there has been little or no construction or movement of dirt thus leaving the Phoenix housing market starving for new homes. Besides, he argues home values are rising dramatically, and once the current home owners get above water (have equity), they are going to want to move up.
“We're going to have a trifecta or the perfect storm - no homes, pent-up demand, and record low interest rates. Besides, if a little inflation is thrown into the mix - watch out! Bam! It’s going to be a wild ride - a Wild West ride,” states Dahlberg, who is basing his prediction on data provided by S&P/Case Shiller.
According to the S&P/Case Shiller’s data, the bottom is over and the market is moving up again and this time it's going to be even bigger.
The data further suggests the real estate market in the Phoenix area is heading up. However, in response to such questions whether it is time to buy real estate again, how long will it take to come back to normal, or should people get out of the market and wait, Dahlberg believes these are hard questions to answer, nevertheless, offers the following recommendations:
“I've talked to a lot of people who feel that they can ‘let their home go and rent for awhile’. Rental rates are lower than their mortgage rates, but persons can save a lot of money by renting vs. paying the mortgage, and in two years,” says Dahlberg.
However, Dahlberg points out that, “It’s actually going to be 5-7 years before your credit report looks good enough to purchase a home again. And can you really save the money? Most people will spend the money on toys. If hyper-inflation hits, like some economists predict, then you’ll be priced out of the market. Do you want to take the chance? If possible, keep the home and do a HARP 2 loan modification, and hang on… the next 5-7 years are going to be enjoyable."
MEDIA CONTACT: Dennis Dahlberg, General Manager, 623-582-4444, dennis(at)level4funding(dot)com