People now Have To Look At Their House As a Home, Not As An ATM...

Valley homeowners may have to settle into homes, from the Arizona Republic, reports that the 50 percent rise in home prices last year had people buying and selling houses like dot-com stocks, thinking strictly about profits. This year, with the market slowdown, houses are lingering on the market longer and many are selling for less than their asking prices, a return to the days where people bought homes as a place to live. "Buyers have to look at a house now as something that they're going to move into and live for a while instead of something that they will hold for a few months and sell for a $100,000 profit," said Neil Brooks, an agent with Century 21 Arizona-Foothills. "People now have to look at their house as a home, not as an ATM." The fast-money speculators who helped drive up the home prices have taken their money and run. That leaves the pool of Valley buyers dominated by rank and file consumers and long-term investors who will hold the property for its rental income. Buyers are being cautious and holding out for the best deal with all of the inventory on the market.



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