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Current Phoenix Real Estate Conditions

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Current Phoenix Real Estate Conditions:

Here is something the news media will not tell you.  The housing market in the Phoenix metroplex has depreciated 44% since the height of the market in late 2005 and early 2006.

Naturally certain cities within the metroplex have not depreciated so drastically, however these are statistics across the board.

Sales were averaging 3000 – 4000 per month for the past year.  Within the past two months sales have doubled and almost tripled to over 11,000 per month.

The news media will not tell the public things are changing until after they have changed.

I say all of this to say this, you should do what you are considering now, while the rates are the best they have been in 40 years and the prices are the lowest they have been in three years.

You are not the only ones looking for a great deal.  When one pops up there are multiple offers on it very quickly.  Homes in the entry level are selling faster than they have in the last three years.

So as a buyer you will need to be prepared to write an offer when you see the one you like, or it most likely will not wait for you.

The first step is to have your LSR (loan status report) signed by a mortgage broker or loan officer or your personal banker.  If you would be paying cash, you will need to provide the seller or seller’s agent with proof of funds before your offer will be accepted.  Same goes for the LSR, an offer will not be accepted without it.

The news media has been telling everybody how bad the market is and the savvy people are really out there taking advantage of what is happening.

I have been selling real estate for 30 years and learned of a cycle years ago that I have been watching over the years and that is this;  That every decade there is a 3 year down cycle and a 3 year stabilizing period and then a 3 year appreciating period.  We are just finishing the 3 year down cycle and are just beginning the stabilizing period now.

So your timing cannot be better to be buying at the very bottom of the down cycle.

I look forward to working with you and helping you find a great investment property.

Blake Randleman
Designated Broker
Price Point Realty
Chandler, AZ

July 11, 2009 by : No Comments

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