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Phoenix Housing Report offers optimism for buyers and sellers

By James Wexler

Real Estate Agent with wexzilla.com

October 16, 2008 12:50 PM

A recent real estate report by Grubb & Ellis report has some good information for Phoenix area real estate buyers and sellers.

While there has been some progress, we are not yet past the bottom. optimism for phoenix real estate market

Some of the good news:

Home resales in Maricopa County have been steadily increasing since the first of the year
MLS listings have been falling for the past three months, in spite of a glut of foreclosures
New home prices in Maricopa County are back to ‘normal'
Phoenix has affordable housing again
Lots of buyers from California are still moving to Arizona
Incomes continue to grow
The gap between asking prices and selling prices has returned to normal
Lenders are moving repossessed homes to REO listings on the market quickly

There are a lot of capable buyers in the wings, simply waiting for a clear sign that they will not be "catching a falling knife".

We'll know we're past the bottom when foreclosures begin to fall. That will happen sooner if the national ‘housing rescue' legislation, expected to become law this month, effectively mitigates some expected foreclosures.

Also, as financial institutions return to health, mortgage rates may begin to fall, reflecting the substantial rate cuts already put in place by the Federal Reserve Board.

It may not be tomorrow. However, I believe we are putting much of the bad news in the rear view mirror and may even be seeing the beginning of a new cycle in the housing market.

If you want more information on housing in Phoenix or Real Estate market news please call me at 480.221.8080

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If you are listing your home as a short sale in Phoenix Arizona or Scottsdale Arizona make sure you hire an agent who knows how to do short sales and has the experience to get the job done.

Call 480.221.8080 to find out more about Phoenix AZ Short Sales and Scottsdale AZ short Sales

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Nicholas Rausch

Prime Time Lending - Scottsdale, AZ

james ,

there is a lot of optimism amongst buyers . They finally believe there are great deals to be had. In fact, there are buying opportunities that many thought they would never see again in thier lifetime.

However, no one can get a loan unless you have a 700+ credit score and good down payment

Oct 16, 2008 02:05 PM

James Wexler

wexzilla.com - Scottsdale, AZ

Prime Time - I know people may look at me like I am crazy when I say that there are reasons to be optimistic.

However, there are rays of light through dark clouds. We just need to overcome some apparent challenges and bumps (mountains) in the road.

Oct 16, 2008 03:07 PM

Jason Mitchell

Realty Executives - Scottsdale, AZ

james, Prime time,

I have been working with several buyers from Canada. They are reading the news and saying, now is the time to buy.

Yes, they are a bit cautious. But, they now that if they buy now, for the right reasons, and are patient, they will be very very happy they did.

Oct 16, 2008 05:41 PM

Jason - It is much easier to stand around the water-cooler and speak of the difficulties. There is a lot of company with misery.

However, rates are low, and home prices are even lower. I really beleive that if you have been thinking about buying, and you can really afford a house, have savings, job security (if there is such a thing) , then you have reason to be optimistic.!!

Oct 16, 2008 06:37 PM

Phoenix Housing Report offers optimism for buyers and sellers

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