Through the first quarter of 2008, Phoenix home sales are down approximately 50% in volume and 14% in value compared to the quarter 1 of 2007. While the median home value has dipped in the range of the prices not seen since2005 and 2006, home sales volume has diminshed at a much greater rate. Phoenix home sales volume has not been below 5,000 sales in a singe quater since 2003. Based on the data is a clear that Phoenix is currently in a declining market, also know as a "Buyer's Market".
Phoenix consumers looking to purchase a home in are certainly in the driver's seat. The difficult market conditions have made sellers much more flexible and willing to work buyers. Many buyers have decided to wait until the market bottoms out, but the only way to know when the market has hit rock bottom is when it starts to come back up. That being said, if you are in a position to purchase real estate, this is the time to buy. The Market may continue to slide but if you buy a home you can afford with the intent to live in it for 3-5 years, you will be able to weather the storm of an unpredictable market.
SharpBuyers.com Realtors will provide you with the tools to better understand the market and identify what type of property best suits your needs. In addition to their real estate knowledge and expertise, SharpBuyers.com Realtors will provide you with with a real estate rebate of up to 50% of their commission at closing. The rebate can be used for closing costs or any way a home buyer desires.
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