Our Current Phoenix Real Estate Market – What should a Buyer Do - Optimism vs. Prudence? There is no doubt that the Phoenix real estate market is plagued with an oversupply of Phoenix homes for sale and has caused buyers to pause. Yet, every time a buyer tells me a few of their home wants and needs – location, price, bedrooms, number of levels, garage, pool, an office, family room or whatever; they are stunned that the list of possible homes similar to what they want only contains 10 to 20 homes. This is before we look at position, condition and proximity. Having this many homes to select from is so much better than a few years ago, yet this is far less than the number of homes the buyer expected – hundreds short of what they expected.

The consensus is prices will fall further, but the number is far less than you think. Experts say 3-4% lower – not 10 to 20% buyers hope for. Is this enough to put off your life? I suggest not. I can negotiate a discount that will put you below the expected price decline and have you in position to enjoy our typical 7 to 9% annual appreciation when Phoenix real estate market conditions turn around and favor the seller again.

Here’s a surprise! The MEDIAN Phoenix home price is back up from its lowest level of $247,900 in February 2007 after reaching the highest MEDIAN Phoenix home price of $264,800 in June 2006. We are now at $255,000 in June 2007 - the same as it was last month in May 2007. Also factor in Phoenix summer housing prices typically dip as people vacation in cooler climate conditions.

Contact me to see how many homes meet your needs and take advantage of the choices you have now, but may not have later on. This may be the best time to buy your Phoenix home.

Sam Elam
Associate Broker
ABR, CRS, GRI, e-PRO
RE/MAX Achievers
Phoenix Arizona area
Sam@SamElam.com
http://www.SamElam.com