I came across the following article:
Price risk for the top 50 U.S. markets
which puts Phoenix in the number 2 spot for risk of price decline. Click on the link above to view the complete table. The Phoenix market has a risk score of 646 which means there is a 64.6% chance this market will decline over the next two years.
Annual House Price Appreciation has slowed dramatically - 1st Quarter 2006 was 37.33% while the same period this year was down to a mere 4.52%.
Recent numbers for 2nd Quarter 2007 show things to be essentially the same as 1st Quarter 2007 - which seems to contradict the price decline prediction.
One thing is certain - prices will remain stable, will increase, or will decline. If you think they will increase - then now is the time to buy. If you think they will remain the same and you already own a home then now may be the time for a move up sale and purchase. If you think they will decline - is now the time to sell?
What does your crystal ball tell you? Mine appears to be a little cloudy this morning.
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If you are considering a move to Phoenix or Scottsdale, or buying Phoenix or Scottsdale Real Estate, you owe it to yourself to talk with The Marriott Group at Keller Williams Realty Professional Partners to determine whether Tony Marriott is the best real estate Broker in the Phoenix and Scottsdale area to help you buy or sell a home.
http://www.phoenixarizonahomesearch.com/
http://www.marriottrealty.com/
http://www.greaterphoenix-scottsdale-homesearch.com/
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