I may look into buying a house soon. Is the market/ economy (prices of houses) about to go down?

LCpl Whitney Danielson — Thu, 23 Jan 2020 13:15:25 -0500

Response by SSgt John Wise made Jan 23 at 2020 1:39 PM

SSgt John Wise — Thu, 23 Jan 2020 13:39:09 -0500

The market, if you will, is a moving beast and is vastly different depending on the state you are looking to buy.

Response by SPC John Parker made Jan 23 at 2020 2:31 PM

SPC John Parker — Thu, 23 Jan 2020 14:31:28 -0500

I agree that it is a moving target. The Phoenix market has been a good investment area, but inventory is shrinking, average sales price is increasing.

Greater Phoenix Area Real Estate Snapshot
December 2019 Compared to November 2019 Compared to 2018
12,259 Active Listings 13,765 19,321
59 Day Average on the Market 57 70
5,643 New Inventory 7,635 10,884
7,784 Number of Closings 7,117 5,475
$362,723 Average Sales Price $357,825 $327,602
1.57 Month Supply of Inventory 1.93 3.53

Response by LCpl Whitney Danielson made Jan 23 at 2020 3:24 PM

LCpl Whitney Danielson — Thu, 23 Jan 2020 15:24:48 -0500

Maybe I worded it wrong. So essentially, what I don't want to happen, is I buy this house (that I would probably sell in a few years) and the price dropped way down because of the market or what not. I remember something about a bubble? about it popping? and then houses are super cheap. Is that what is going to happen soon? The plan is to possibly buy the house, live in it for the next year or two while I fix a few things, then maybe make it a rental or sell it.

Response by CWO3 Private RallyPoint Member made Jan 23 at 2020 3:28 PM

CWO3 Private RallyPoint Member — Thu, 23 Jan 2020 15:28:18 -0500

check local market variances and economics - depends on where you're looking

Response by SSgt John Wise made Jan 23 at 2020 8:20 PM

SSgt John Wise — Thu, 23 Jan 2020 20:20:45 -0500

I have always said waiting for something to happen is a lost opportunity. I recommend finding a like minded realtor who speaks your language, awesome negotiator, and looks out for you.

Response by SGT Lenise Hamilton made Jan 23 at 2020 8:28 PM

SGT Lenise Hamilton — Thu, 23 Jan 2020 20:28:34 -0500

LCpl Whitney, it depends upon many factors, locations, size of the home, what your able to afford etc., so try and think of the above factors, and I'm sure you'll come up with your own solution at a reasonable price for you :-).

Response by Maj Private RallyPoint Member made Jan 27 at 2020 2:52 PM

Maj Private RallyPoint Member — Mon, 27 Jan 2020 14:52:19 -0500

Every market is different, and a lot will depend upon where you want to buy. Generally speaking, prices will continue to rise over much of the country. Interest rates are still very low, while rental rates continue to increase. (Leasing is a terrible waste of BAH!) Feel free to reach out for a conversation. I'm licensed only in Texas, however, can certainly share some helpful guidance - especially if you're about to be a first-time homeowner. "Gimme a holler" I'm happy to help!