Hello,

Not sure but the Surprise market has not

Shayne

Doreen, this is good news. I hope things continue to stabilize and your market picks up.

Hi Shayne,

I believe the numbers are valley wide, but I don't know enough about Surprise to say what may be happening there.  I do know Queen Creek and Maricopa both have incredible deals right now.  New and resale.  We have a lot of Canadians coming in, and they are buying. 

Hope things pick up for you. 

Hi Debbie, 

How are things there in Lynchburg?  What's your market looking like right now? 

Thanks for commenting. 

Doreen,

I hadn't seen that article but RL Brown is gold - he really has the accurate pulse.  Pendings are up, inventory will continue to edge down and 3 years from now we will have a whole lot of folks kicking themselves and saying, "Gosh, I wish I would have bought in 2008!"

I believe Surprise has been one of the harder hit areas - it will take a little longer for the outlying areas to absorb their excess inventory - especially w/gas prices the way they are.  I also don't believe it will happen over night, but I have to agree with you, IT HAS BEGUN!!

Yes, the old I coulda, shoulda, wish I woulda.  :) 

Thanks for commenting Tiffany. 

Doreen, when a buyer can get a 3000 square foot home for a base of $139,000, I think we have hit somewhat of a bottom.  We will not, unfortunately get closer until stale inventory expires and true Realtors pick them up and market them right.  Great post!!

Thanks Mark.  I wish I was able to pick up some of the deals that are out there... :)

Hi Doreen... I agree with the report. I know that there are areas in the valley that have a little bit more room to fall, but there are areas that are on the upswing... with home prices increasing and sales closing more quickly. It appears the investor window is closing a little bit more each day. Fortunately every market has it's opportunities.

Hi Chuck, you are correct about different parts of the valley. Queen Creek and Maricopa come to mind.  Thanks for commenting. 

Doreen- I've noticed that areas close to Arizona State are very strong. Then there are pockets in Scottsdale, Northeast Mesa, and North Phoenix that are doing well. I'm a little less enthusiastic about Maricopa and most of Queen Creek. But even Queen Creek has a few bright spots that are very much price driven.

Hi Chuck, I was thinking in terms of Maricopa and Queen Creek being the place investors can find really good deals.  The number of forclosures in both areas are high and the prices have come way down.  Sorry for the confusion, I was thinking about places heading toward a bottom and may not be quite there.  There are some very nice homes in both areas and the out of town investors are buying them. 

How do you all feel about the Buckeye area especially if it is irrigated horse property?

Hi Alrady,  Is this property you are thinking of buying or selling?  I am in the east valley and would need to do some research in the area you are looking at.  I have read that Buckeye is expected to grow quite a bit in the next 10-20 years.  What is your specific concern about the irrigated property?  If you'd like to call me I would be happy to help you get your questions answered.  480.820.6688  

Doreen,

This was about three weeks ago.  Do you feel there's a floor under your market, or are you still going down some?

Mike in tucson

Hi Mike,  This depends on what part of the valley you're dealing with.  Some areas are down more than others, some are still going down, some are holding steady.  The areas people want to live are holding/selling better.  I think you really have to almost look at individual neighborhoods. 

Doreen,

That's what Tucson's like.  Benson seems to have weathered this better than most.

Mike in Tucson

It is definately locational and the news media have a tendancy to try and manipulate buyers/sellers actions.  I have noticed an increase in investor interest in the west valley (surprise, goodyear) and the I-10/I-8 corridor (casa grande, arizona city, eloy).  One thing to keep in mind is foreclosures are up over 300% from this time last year and resetting of rates aren't do to peak until later this year and into 2009.

Mike,  Are there many people moving to Benson? 

one of my favorite graphics >>>>>       

David,  Thanks for adding your perspective.  The end of 2008, beginning of 2009, will hopefully not be too ugly.  I would imagine there are many investors waiting and watching to see how that plays out.  Thanks again for commenting. 

I am starting to see multiple offers on homes in the FHA range.  My listings are showing, some as much as 2-4 times a week.  We might be riding the bottom, and may possibly see some more small movements downward but overall I think we are headed in a more stable direction

Karen

I don't think there is any maybe about it - the buyers are out.  Multiple offers on FHA, shorts, REO's are the rule, not the exception right now in the East Valley.  Absorption is going down.  There is less than a 4 month supply of single-family detached REO's on the market right now in the metropolitan area.

Tiffany Cloud - Gilbert

Karen & Tiffany,  Thanks for your comments.  Check in every couple months so we can compare notes.  :)   It will be interesting to see how things go now that summer is here and then into the fall.