Metro Phoenix's resale home prices dipped in August, according to early calculations.
The median price for existing houses is expected to be about $195,000, according to the Arizona Regional Multiple Listing Service's pending sales index. That's down from $197,000 in July, and June which was $211,000.
Real estate analyst Tom Ruff calls the Valley's real estate market "uninspiring but consistent" now. While active listings are down, so are sales which almost always mean lower prices. The number of home sales is likely to continue to decline until November.
So what does all this mean, Buyers have a great opportunity right now to take advantage of the lower prices and with current interest rates down, this mean more affordability as well. Sellers will have to get realistic on their pricing in order for their home to stand out above the current market conditions. The home should be shown in pristine condition, with few showing barriers in place, and be properly staged.
For more information regarding the current market conditions and helpful tips, please call The McKinley Group with RE/MAX Masters today at 480-355-8645.
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