The March numbers are in, and according to the Arizona Regional Multiple Listing Service, homes sold rose to 5,990 from February's 4,958. So the upward trend continues since the beginning of the year. March median sales picked up to $252,500 after February's dip to $247,900, which was the lowest since January 2006.
We are in a period of great uncertainty due to the impact of the subprime market, and a steep rise in foreclosures. As more foreclosed homes get dumped on the market, we may see increased downward pressure on pricing and a continued glut of homes for sale. We are already at historical highs for homes for sale in the ARMLS at over 50,000.
If you are thinking of selling, you must price correctly to avoid lingering on the market, or be prepared for a series of price reductions. Your home must be in first class condition to attract buyers and get the best offers.
If you are looking to buy, you may be tempted to wait for more price drops. However, you run the risk of rising interest rates eating away at any potential savings. With today's buyer's market you already have a strong position to negotiate a good deal. If you find the perfect home for you, don't hesitate to make an offer. Good homes priced well are still moving quickly.