Well, according to an article in the Arizona Realtor Magazine, it might possibly be so. I know I think it is! But seriously, we do have two things going for us: Affordability and Weather (it is going to be 79 degrees today :) ) The average price for a 1900 sq. foot home is $170,899. According to Tom Ruff, 83% of all household incomes can afford that. That is excellent news for our real estate market! We have 88, 484 homes that have sold year to date. We only had 56,420 sell in all of 2008! Foreclosures are down and the active trustee notices should peak this quarter. The market is recovering.
Our appreciation this month is -15% compared to this time last year. But on the bright side we were at -18.4% last month so it is showing signs of slight appreciation. These are all clues that now is the time to buy. I think we will see stable prices for 6 months to a year, but then we will increase and buyers will say "why didn't I buy last year?"
If you want any information on different areas of Phoenix Metro, please feel free to contact me or visit me at www.betsiemelter.com
Numbers and statistics provided by The Cromford Report www.cromfordreport.com