Interviewed by Jeff Butera from CBS 5 KPHO

Yesterday afternoon, as I was departing from a rental home that had recently had some serious water damage, due to a faulty washing machine supply valve, at the same time it had a faulty whole house shut off valve, I was contacted by Jeff Butera from CBS 5 KPHO, here in Phoenix, regarding my recent blog post Thinking of making an offer on that Phoenix house?

Jeff let me know he had read the article, found it intriguing, and asked if he could meet me later that day to interview me.  Now, I’ve been phone interviewed in the past by the Wall Street Journal and USA Today, and even did a lengthy interview with a group from Australia that was producing a documentary on the foreclosure market in the US, but I have yet to do a local TV interview, despite my late night dreams of being discovered locally.  So naturally I jumped at the chance.

I had to jump through a couple of tiny hoops, but here’s the news story, presuming you missed it live:

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There is also a news story on KPHO’s website entitled Housing Going From Bust To Boom? The information in the news story on their website is quite similar to, but not exactly the same as what aired on the news, so it’s worth a look as well.

After the camera was off, Jeff asked me a couple of great questions related to market timing, and whether now just might be the perfect time to buy, given my opinion that prices seem artificially low, and quite probably impossible to sustain at this level, without additional foreclosure inventory.  My response was that now just might be a great time to buy a home, if you qualify for necessary loan, if you can comfortably afford to live in the home you are buying, and if the home offers you the amenities you’ve wanted, but aren’t getting where you currently live.  When all of those factors are present, yes, now is probably a very, very good time to be a home buyer.

I also think that 6 months or even 1 year from now, it will probably still be a very, very good time to be a home buyer.  I think there is a reasonable chance housing prices will be higher 6 months from now, but probably not substantially higher.  Mortgage rates, however, may be substantially higher, so that might be a factor in determining whether now is indeed the very best time to purchase.  I do not, however, believe there is a huge rush to buy right now, but I think for those that are considering it, now is a good time to perhaps consider it more seriously.  Naturally, the first step in getting serious would be to talk to a lender and make sure if you did decide to get serious about buying a home, that you would indeed qualify.

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