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Hello everyone, happy new year to you all. This is our first issue of the new year, and because of time and events we are changing this to a quarterly. I know that this will be welcomed to many, as you do not have to hear from me quite so much :)
Joking aside the need for good quality insights into the real estate market right now has never been so great. Many of us are watching the market with bated breath wondering what is going to happen. Take a look at my market review for 2009 below. There may be some information for many of you would want to keep. Please see the web version of this at www.realtyupdateaz.com and new readers can subscribe to ongoing issues, so please forward this to others that may benefit.
"B Green" is launched as our Green Certified Home Buyer or Seller Program
With the growing importance around GREEN issues and the increasing demand for expertise in this area, it was only fitting for us to expand our Real Estate service offering into this segment. There are growing issues and needs around GREEN real estate from finding energy star certified or energy rated homes through to understanding the risks for the buyer or seller and protecting them appropriately and the specialist marketing channels for selling green homes of any value.
We are very excited with the launch of "B Green" marking the realization of our membership to "AEEREP" and the ECOBroker Certification achievement. We are truly confident that our service offering in this space is going to be of the standard that people would expect from the AZ Home Team, and we look forward to supporting any needs, great or small that focus around Green living, the environment and methods that can be employed to improve quality of life within the home with growing health issues around air and water quality. You can find out a little more by visiting our specialist web site at www.buygreenhomesaz.com
Looking Forward - 2009 & Beyond
We are asked many times, "What is going to happen in 2009?" Is it going to get better? My answer is that in someways it already is. The problem is that the media has not been helping you much in terms of truly understanding the market locally here in Phoenix. Sure there are still challenges ahead, but take a look at the following chart showing the progress and change that is happening.
Solds are up slightly, the homes that hit the market during the financial crisis (Nov 08)
have been sold Inventory is down significantly compared to 2007. Bank aid is driving more price stability as banks are financed to be able to sit on homes longer. The real question is are we potentially going to see a deepening recession and more wide spread job loss.
Remaining inventory is what is left that is fueling continued price declines. Prices are almost on average back to 2004 numbers. Some Phoenix markets are performing better, some worse.
The remaining inventory is being sold as prices for these homes are 50% of construction costs in many cases. Some are even lower in price. When you combine that with 5% or less interest rates, I expect to see 2009 as a decline year, but it has the potential to recover. Why? because the difference between a buyers and sellers market is closer than you may think:
- Buyers Market 7+ Months of Inventory
- Balanced Market 5-7 Months of Inventory
- Sellers Market Less than 5 Months Inventory.
You can see by the data that we can easily shift from buyers to balanced to sellers market over a few months. Combined with new government, we can be a little optimistic.
I will keep you all informed as the year progresses. Take a look at the market snap shot tool to the left, it is the tool you need to have local data like that below for your neighborhood or an area of interest. Sold V Active, Time on Market, Price Sold all with dynamic maps enjoy. I will talk with you soon. NH.
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