Desert Home Sales Numbers Up; Prices Down..This article from the Business section of the Desert Sun stresses again that although actual number of home sales continue to rise, the prices continue to drop...http://tinyurl.com/ydylsmk
The thing is once again that when we read reports about "prices continue to drop", remember the following:
- Location! Yes, it is ALWAYS a factor in price/sf.
- Very Recent Comparables: If those price/sf SOLDS have held for 12 months or so..you are seeing the bottom and there are buyers waiting to purchase in that particular price point in that particular development.
- The slides in prices for mid to high end properties is pulling down the median and that is often what is meant by "prices continue to drop"
- REO's and Short Sales are still driving our Desert market, and unless they are on properties on these higher end homes, don't think you can lowball..they are selling for at or above List Price.
Your local Realtors that are out previewing and driving neighborhoods daily are the ones to Trust..find a good one!
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