There have been lots and lots of real estate headlines. If you read them all, I won't blame you for being confused.
Here are some basic facts about the Phoenix real estate market.
We currently have a surplus of inventory new homes. New home builders are offering large discounts to sell these homes. Best estimates of how long this oversupply will last is 6 months (it could be shorter).
This situation is unbalancing the housing market for resale homes as well. Buyers can afford to be more choosy.
Recent newspaper reports have created the impression that home prices may be declining. If buyers don't have to buy, they are waiting until prices stabilize rather than buy a house and risk loosing value in a declining market.
According to a recent Census Bureau review, Maricopa County has gained 313 people a day since 2000. This translates into more people needing places to live which will tend to keep an upward pressure on housing prices. This is a MUCH longer trend than recent ups and downs in the housing market and is the best guarantee that we will shortly return to a steady upward trend in home values that has been the hallmark of the Phoenix housing market for the past decade.
If you have questions about your particular housing situation, send me an email through www.freephoenixhomeinfo.com or give me a call at 602-370-1450.
Richard
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment
Thanks for joining in the discussion.
Richard