Current Metro Phoenix Real Estate Market Update

the market recovery that prevailed from March 2009 to November 2009 was followed by stability between December 2009 and May 2010. We no longer have stability or recovery. The market is in decline.” From the Cromford Report 8/17/2010

Chandler August Cromford 

    • Wow! Sure sounds a little depressing when reading the latest articles written by Mike Orr of the Cromford Report.  Click on photo above for the PDF of the entire article if you are interested in reading all of the details.  It’s basically a result of the Tax Credit giving us an artificial demand for housing- when that went away, so did demand and now prices have dropped. 
    • We’ve seen an increase of homeowners as a result call to get started with the short sale process.  They’ve tried hanging on as long as they can but this second wave of decline has hit them to a place where the recovery seems doubtful if they remain in their current home/situation.
    • LUCKILY INTEREST RATES ARE AT AN ALL TIME LOW and coupled with SUPER LOW PRICES COMPARABLE WITH THE MID 90’S IN MANY AREAS- The monthly payment and overall savings to just 6 months ago far exceeds what someone had received with the tax credit.
    • We have a great home in Maricopa for example- $70,000- built in 04, 2300sqft, with a principal and interest payment based on an FHA loan of only $350 a month???  That’s just with $2500 down!!
    • We saw some homes sell in March and April for much much higher because people were driving prices up just to get the tax credit and with a higher interest rate at that time too.  Same home would easily cost $8k more just a few months ago right off the top not to mention what the difference monthly would add up too in just a few years of ownership.
    • SO MORAL TO THIS STORY- IF YOU “MISSED OUT” ON THE TAX CREDIT- BE GLAD AND BUY A HOME TODAY!  IT’S ACTUALLY A MUCH BETTER TIME TO BUY THAN IT WAS JUST A FEW MONTHS AGO!

Our Website allows you to search the MLS on your own just like we do- Click here to search homes in your area now! or call us at 480-243-4242 and we’ll be happy to send you a list of Foreclosed Homes or any type of home that you may be looking for.

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