I get asked that question ALL OF THE TIME! My answer is always the same too… IT DEPENDS!
Not because I don’t know or because I’m trying to be coy, but because it really does depend if you are a Buyer or a Seller, or an Investor, or or or… at one point, I guess I should correct my statement above because for a little while I used to say it was actually a BANK’S market during our “dark years” as I call them when Short Sales and Foreclosures dominated our marketplace and dictated home pricing.
Today we are much more balanced and back to a more “normal” market but it has been leaning in the Buyer’s favor as of late… which isn’t entirely bad news for Sellers since our market had increased in value so much this past year and a half. The majority of homeowners are no longer upside down in their mortgages any longer like they were in 2012 before the investors help to drive up demand.
2 years ago, I had buyers that literally GAVE UP trying to buy a new home because they couldn’t compete against those cash investors. With more Sellers putting their homes on the market today, it’s helping increase the Supply and the Demand has stayed lower than normal levels, which was the case even two years ago but we had such few homes on the market and so competition was fierce that it still sent prices upwards.
That helped bring back the Builders into the market which has given Buyers even more options, especially in the city of Chandler! We have compiled a HUGE list of Chandler Builders, check out our Builders Corner in our Newsletter for our “Roadmap” to where they all are located and what they are offering Buyers today.
During years 2008-2013, my team helped over 400+ families successfully sell their homes as Short Sales. What we’ve seen and heard, is that more upward pricing is not expected to happen until loan guidelines ease up to allow more of the people who are currently renting as a result of Short Sale or Foreclosure to purchase a home again. They have introduced loan programs this past year to help, but more is needed. Rates are still historically very low, in the 4’s but combined with increase in value, it’s gotten harder for some people to qualify for a home again. We have teamed up with experts, so if that sounds similar to your situation, please let me know and I will be sure to get you in touch with the right mortgage company that can help. According to Trulia, in Arizona, it’s 33% cheaper to own than to rent… let’s hope mortgage guidelines continue to get easier while the rates are this low!
At the end of the day, one thing that remains the same is CHANGE. Please stay tuned and we will continue to provide market updates via Mike Orr of the Cromford Reports, as he’s proven to be the most reliable source for our local marketplace stats because of his knack for scrubbing the data provided by our local Arizona Regional Multiple Listing Service.
If we can be of assistance, simply call us at 480-243-4242 or email Rebecca@IntegrityAllStars.com.