Mesa Arizona Market Report November 2011
The Mesa Real Estate Market is going in an upward trend and HOT HOT HOT. Listings have dropped this past month giving us a 2.6 months supply of home available on the market. That in itself is driving prices up just slightly and also continuing the trend of multiple bids on the lower price range of home (under 350K) if they're in good condition, priced right and in a good location.
Pending sales are down form the previous two months and that most likely is due to the holiday season.Our market doesn't slow down significantly because our weather is fantastic and we don't have snow and ice to deal with. Our winter visitors are arriving anytime between now and February or March and many are looking to purchase a home - especially now because our home prices are ridiculously low as are interest rates.
Closed sales have gone way up this month. This very well maybe due to the high level of short sales that were pending in the previous months and have now, finally closed. Short sales in the previous years took longer than REO's or traditional sales to close but just recently we've been seeing short sales closing within 60 to 90 days or so which is very good for everybody involved. I expect that this will continue the next few years as banks improve their short sale systems and we work through our inventory of short sales.
When the media blows the doom and gloom horn about the Mesa Real Estate Market -
Do Not Believe One Word of that News. Investigate for yourself.
So far this year we have had 7,453 closings which is UP 1,199 closings from all of last year
and we still have one more month of closings to account for in December.
This is good news for the Mesa AZ Real Estate Market
Many people ask me "Is it the time to buy real estate in Mesa Arizona"? And yes for most folks it is the time to buy real estate in Mesa. Why? Prices are rock bottom, interest rates are low and you're still got a wide selection of homes and neighborhoods to look in for a good deal. And here's a hint - whenever you see investors purchasing real estate - that is a clear sign that the market is low and the time is right.
Now on the other hand, if you don't plan to live in the home for long then perhaps you should wait until you're more settled. The costs related to selling it within a year or two might be too high to justify buying a home as you're equity won't be going up fast (say perhaps maybe 3 to 4%) a year. Renting would be a better choice for you at this time.
Looking to buy or sale your Mesa Area Home? Give Anna 'Banana' Kruchten a call today.
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