Phoenix Home Buyers Hold The Upper Hand.
Tuesday, April 10, 2007
This is a strange real estate market. A record number of homes are listed for sale in the Phoenix and Scottsdale area. Mortgage interest rates are really low. Thousands of new residents relocate here every month. Yet home sales in Metro Phoenix are really lagging behind.
The Arizona Republic gave a great summary of why the Phoenix real estate market is in the tank with an April 9, 2007 article, "It's A Buyer's Market". It reports that the Arizona Regional Multilple Listing Service (ARMLS) shows a record number of homes and condos listed for sale exceeding 50,000 units as of March, 2007. Analysts say that a healthy market should carry about half of that number.
This glut of housing inventory poses real problems for sellers who are having to slash asking prices. The article quotes several real estate professionals about why they think this saturation of housing inventory exists. Some suggest that investors are trying to unload homes is vast numbers because of declining values. Other suggest that sellers are asking unrealistic prices that buyers are unwilling to pay.
Who knows when this poor real estate market will bottom-out? But right now it is a buyer's market that is apt to get even better for buyers before the market turns in favor of sellers.
The Arizona Republic gave a great summary of why the Phoenix real estate market is in the tank with an April 9, 2007 article, "It's A Buyer's Market". It reports that the Arizona Regional Multilple Listing Service (ARMLS) shows a record number of homes and condos listed for sale exceeding 50,000 units as of March, 2007. Analysts say that a healthy market should carry about half of that number.
This glut of housing inventory poses real problems for sellers who are having to slash asking prices. The article quotes several real estate professionals about why they think this saturation of housing inventory exists. Some suggest that investors are trying to unload homes is vast numbers because of declining values. Other suggest that sellers are asking unrealistic prices that buyers are unwilling to pay.
Who knows when this poor real estate market will bottom-out? But right now it is a buyer's market that is apt to get even better for buyers before the market turns in favor of sellers.
posted by Team Best Phoenix at
7:52 AM
