The Market Heats Up?

By
Real Estate Agent with The Realty Butler llc/West USA Realty, Inc.

Hello Folks!

Welcome to my 1st real estate blog. I just wanted to take a minute to describe what I see happening in the west valley's real estate market. In late July and early August, many of my clients experienced an upswing in potential buyer visits, and out of the 10 homes I had on the market, 6 are now sold or are in escrow. What I see happening is that, over the last several months, as we all tapped our feet, waiting for the buyers to come in droves, the buyers were waiting on the sidelines. They were hearing from everyone that the market was in a slump, and was possibly crashing, and they decided to wait and see what happened. I think that's exactly what they did. They bided their time, waiting to see how low the market would go. But, they needed homes in a timeframe that would not inconvenience them too much with their kids going back to school in the fall. I think they waited until the last possible moment, when they would be inconvenienced, but not too much, to buy their new homes.

We can probably expect to see more of a slump as these stragglers get into their homes and get settled for the school year. Come winter, we will likely see more price reductions as the existing inventory is cleared out. Many who were on the market have already decided that a move at this time is not fortuitous and will bide their time until next year.  Will things get better next year? I am predicting that the market will be a better place to sell homes, but probably for less money than is available in the market now.

Hang in there folks! Things are okay!

 

Allen

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Tags:
market news
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the arizona market
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Paul D. Gardner
Affiliate Broker at "Third Tennessee Realty and Associates" - Crossville, TN

Welcome Allen. I can see you will do well in your profession.

I hope you enjoy this network.

Paul

Aug 13, 2006 11:00 AM #1
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Christopher Smith
TREGO REALTY - Cedar Rapids, IA
Allen, good blog.  Our market has been pretty good this year.  Up 20 percent in June, and 10 percent in July.  No real estate bubble here.  True, buyers are settling down now in homes and getting their kiddos ready for school, so sales are going down a bit.  Arizona is an awesome state.  My wife and I used to go down there every spring for Major League baseball spring training.   That was when we were down in Austin, Texas.  Now we are in the Cedar Rapids, Iowa area.  Have a great week!
Aug 13, 2006 11:05 AM #2
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Christopher H
REAL ESTATE - Shelby Township, MI

Good to hear you are doing well.  60% of your inventory is under contract or sold, pretty good numbers.  Our current market is much slower.

Aug 13, 2006 01:40 PM #3
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Allen D. Butler

MSSC, GRI, CDPE
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