There has been lots of talk lately about home auctions. Word of caution, if you don't flip homes for a living, don't do it, 9 times out of 10 you'll get burned. The auction steeps are heating up in Arizona and without mentioning names their are two companies that buy everything worth buying even if it means paying too much to make sure you stay away. If they let it pass to you...You will be most likely be there a very long time before being able to sell. What I am hearing is that the market is down, true in certain areas, so with all of the homes going into foreclosure they have to be even cheaper at the auction. Wrong, you will be much better off getting a good realtor and going after a deal. They are out there, you will be safer and have a lot less headache doing it the traditional way. Some people might not agree with me thinking I am trying to get more business for myself; but the truth be known, I was a home flipper for years and know how hard it is to number one fix a home you get off the steps and number two, I have been burned a couple of times myself. Being in the home flipping business I was able to take the good with the bad; trying to buy a single home for yourself...tread very carefully. The auctioneers love a crowd because for most people a personal home is an emotional experience and being in a crowd only heightened the emotion. Look at ebay, why do we over pay for goods on ebay all the time...Emotion. What I can advise if you are going to try it, work out a deal with a local realtor that works in the area you are looking for the property in. They will know if it is too high per square foot and what the area might bring in return. Needless to say you will probably not see what you are bidding on before and if you do you have probably broken in. A realtor can help with price but that does not dictate what the repairs will be so bid appropriately and good luck to the adventurous.

People who own their own homes experience many benefits that renters don’t. Numerous studies have shown that homeowners are more likely to be involved in their communities, build wealth, and increase their educational level. Owners of homes are also less likely to be involved in crime or to depend on public assistance. Simply the stability offered by living in one place, and taking pride in the ownership of one’s home, can boost the standard of living. The wealthy know that a homes’ value will increase over time, and can reduce their taxable income.

Housing prices in Arizona are low, inventory up and I am seeing many investors coming in to take advantage of it. What the investors know is that people need places to live, period. Over time the home values will increase. People getting in now know over a short period of time they will have a strong possibility of living rent free and maybe walking away with some money in their pocket. Where renting you leave with no monetary value at all. If you are waiting for the bottom...Good Luck, by time it comes you will have missed it.

When there are a lot of homes for sale and it takes a long time to sell them – that's a "buyer's market." In most of the country, that's the current situation. If it is a buyer's market where you live and you're looking to buy a home, you are in a strong position to negotiate for lower prices and incentives. Read More...

Although "subprime" has become a four-letter word in the country's collective lexicon and no one is sure when the credit crisis that was spawned by a meltdown in the risky lending sector will ease, mortgage bankers say you can count on this: Subprime shall return.
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According to CNNMoney.com, $50 billion in adjustable rate mortgages will reset in October 2007, driving interest rates up. Some may jump as much as 50%. Read More...