Real Estate has been in the news almost continuously for months. Here is a quick summary of where we stand currently.
We still have a large number of resale homes for sale in the Phoenix area. The time needed to sell a home here is averaging over 90 days. Prices are still soft and buyers are not bashful about offering less than the listing price (even if it has been reduced) and asking for a seller's contribution to the buyer's closing costs totalling thousands of dollars.
Buyers are in the driver seat and most of them know it.
However, homes are selling , even if the prices are lower. We are still above the average market value for homes before the 2005 run up in prices.
Economically, the Phoenix area is doing pretty well. Growth is still going on, although at a slower pace. Unemployment is still so low we are considered to be at full employment. Good jobs are out there.
One hallmark of the Phoenix real estate market for years was, we did our own thing. Our market was strong for years. These days we are more closely following national trends.
The big question is "When will the housing market turn around?" Opinions are somewhat mixed with the veteran advisors saying it will be sometime next year before we see an overall change back upward.
Some neighorhoods are doing pretty well, others are still struggling. It is a bit of a mixed bag with regard to prices. Contact me for an analysis of where your neighbhood stands.
Richard
Richard Haworth
Coldwell Banker Residential Brokerage
602-370-1450 cell
http://www.freephoenixhomeinfo.com/
Monday, June 25, 2007
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