Investment Property

[clayton]

Hi,
I am new to the board, and I was just looking for some direction on investment property, which I am also new to. I live in the Phoenix AZ area. The housing market has really gotten saturated and builders are basically dropping their pants for potential buyers. I will give you an example, the first development we went into was offering between 65,000 and 85,000 dollars in incentives. My question is how can they do this? When the resale house right next to it is trying to sell for nearly 120,000 dollars more then what I will be paying. So any help or direction would be appreciated. Should I jump on the this house or should I wait? Has Phoenix bottomed out, and do you think it will rebound soon?
Thanks
Clayton

 

[damien]

Hi Clayton,
I'm on the East Coast in a resort town and I don't think we have hit bottom yet. All I see is price reductions, homes staying on the market forever, and pissed off sellers who thought they were going to make a killing when they went to sell.
Regards
Damien