Phoenix market is booming any tips?

[Jesus R.]

I have no experience in buying or selling but i do know that people are buying houses faster than we can build them. Would it be smart to buy? My concern is over paying for a property and when the correction comes I'm stuck in an over priced property with all my cash tied up into it.

[Jake Kain]

@Jesus R.

Are you willing to buy in a down market, watching the value decrease after you buy it?

A lot of people are saying they don't want to buy at the top, which makes sense at surface level. So, they say they are wanting to wait for a crash. What they really mean is they want to wait until a crash and then keep waiting until the prices hit a floor and start to rise. The best time to buy is at the bottom. So not only do you have to time the peak, you have to time the bottom as well. The real question is, what are you missing out on by speculating and waiting?

What are your goals? When you say buy, do you plan on buying a primary? Buy and holds? Single family or multi? Getting financing or paying all cash? I really hate giving the "it depends" answer, but.. it depends.

I can tell you my "it depends" answer. I am buying. Why? because I am financed and interest rates are at historic lows. The hardest part about the market is to find something to buy, and buying a "good" deal is even harder. However, when you look at how easy it is to get cheap money, Phoenix appreciation and my short and long term goals. It does not make sense to wait. My main goals are to flip and brrrr, right now. That may change, depending on how the market swings.

Hope this helps a little. Feel free to reach out, I am happy to share more in depth info and experience if you'd like!