The real estate news still has two sides to it. On the positive side, buyers are arriving on the scene in increasing numbers. Investors make up a significant portion as there are some very good bargains out there especially in the bank owned and short sale properties. Short sales have their long wait times and most are selling "as is" with no provision for repairs. The good news is that the price often reflects the true condition of the property.
On the down side, a recent Arizona Republic article headline said "Foreclosure Pain Felt In All Markets". The article quoted Phoenix Residential expert RL Brown who said that Valley data shows nothing "particularly sinister" but is a reflection of what is happening across the metro Phenix area because of sub-prime loans resetting and the economy generally slowing down.
So, we are not through this buyer's market phase yet. But the ratio of homes for sale versus those that are sold in a given month is narrowing (getting better) and if that trend continues it will eventually lead us to a more normal market scene.
If you don't have to sell then don't. If you want to pick up an investment property in Sun City, Surprise, Litchfield Park, Avondale or Goodyear, now is a good time to be looking.
As always, I can help locate a good property at a great price. Give me a call or send me an email if you are interested.
Richard
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Thanks for joining in the discussion.
Richard