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How is the Phoenix market?

Real Estate Agent with The Nichols/Ersery Home Team, RE/MAX Heartland

September 17, 2007 10:49 AM

Fellow active rainers... more specifically phoenix area active rainers. How is the market in your area? I have a good friend there... he has home has been on the market for 10 months and he is very discouraged. He called me and was asking for advice, so I thought I would reach out and see what is going on in Phoenix.

Who knows... there may be a referral brewing here as he is not happy with the Realtor he has. If it is just the market, I need to tell him that.

Thanks

David Nichols

Your Kansas City Area market specialist

www.mykchometeam.com

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Kaushik Sirkar

Call Realty, Inc. - Chandler, AZ

David,

The market, in a nutshell, is BAD for sellers. Some 57,000+ homes on the market...seems like we are hitting new inventory records everyday. Consider that (pre boom) the 'average' inventory was on the order of 20-25k...about a 4-5 month supply. Now we are well past a 10 month supply of homes.

Average days on the market, of course varying by specific location, is well over 100. But thats only for the homes that actually sell. Plenty of listings are expiring or get cancelled.

All that being said, its not a horrible time to be a buyer. Selection like never before. And serious incentives on spec homes from builders.

If your friend is interested, have him/her send me an email and I will put them on my weekly distribution list. All the market news and statistics they could want :)

Sep 17, 2007 11:21 AM

Paul Escobedo

NewHomesSection.com - Gilbert, AZ

I have this great website that you should tell your friend about. It has all the latest deals from home builders. Find great incentive packages from quality builders. There is also a resale side if he is not interested in a new home. The website is call NewHomesSection.com

NewHomesSection.com

Sep 17, 2007 11:42 AM

Daniel Sundberg

Crystal Springs Real Estate - Kentwood, MI

David, I'm not a phoenix area Realtor, but if your friend feels he his agent is not doing his or her job, isn't it right for him to find a new one? In a market with house prices declining, you need to sell the home quickly after it is listed or the market will fall from beneath it and make it an overpriced listing.

Sep 17, 2007 12:04 PM

David Nichols

The Nichols/Ersery Home Team, RE/MAX Heartland - Lee's Summit, MO

Leenulls Summit Real Estate

Kaushik Sirkar

Thanks, i'll pass the info on to him. Could you add me to your list.... at least for now. It will help me give him some better advice.

Paul Escobedo

He is not trying to buy. He wants to sell and move out of the area.

Daniel Sundberg Five Star Real Estate

I 100% agree with you... the point I made to him was that next month his home will be worth less so he needs to price it right... he also needs a REALTOR that can market it properly... especially if inventory has doubled.

Sep 18, 2007 03:47 AM

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