Phoenix housing Market in a slump (According to ASU Business Report)

[Andrew Warner]

Hello BP,

https://asunews.asu.edu/20140804-business-orr-hous...

Just read this report today. It appears the Phoenix, Arizona market is hitting a slump. I am planning on purchasing a house soon and want to time it right with the market. I'm thinking about waiting a few months for the prices to go down to meet demand. This will be my first real estate investment and I would like some other opinions on this strategy. 

Thank you!

[Deborah Smith]

Are you planning to buy for your primary home or as an investment?  And what price range (not that you need to share, just think about it)?

I think it makes a difference.  The "cheaper" houses are still in short supply and for the most part, are hard to make good sense of rental wise right now.  Sure, there are deals out there, and ways to make things work, but from a general perspective it's hard to do.

In the more expensive houses - I think now is a fairly good time to buy.  Prices have been pretty stagnant or declining in recent months.  I don't think they'll decline like we saw 8ish years ago, but if you're buying as a primary residence with a long term hold in mind, then it's not a bad choice right now.

I haven't researched higher end houses as rentals, because for the most part they're simply out of the range I'd consider paying for a single unit. 

Not sure if that answers the question?