Phoenix rarely stays boring for long….. but that is certainly where the Real Estate market is right now.
Overall we are not seeing much change over the last few months and we are still eagerly waiting for some more significant developments, one way or the other. Boring is the worst situation if you are in the analysis and commentary business. (from Michael Orr, the Cromford Report) Cromford report – snapshot June 8 2014
The better news is probably that active listings have dropped slightly, as demand has picked up just a little. Regardless, homes are on the market longer, (the Valley average is about 82 days) as buyers have more choices and they are taking their time on making decisions on which home to purchase. Most would say we are still in a buyer’s market, and Valley sellers have a hard time wrapping their heads around that. Fortunately for sellers, prices have not fallen. In fact, they have edged up just slightly over the past 9 months. This is unusual in the Phoenix area, where we are used to seeing years with over 20% appreciation.
Boring is not so bad once in a while. For a change, buyers are not feeling hurried to buy something without putting much thought into it. Mortgage Rates remain very low, and payments are typically less than a rent payment for a similar sized home.
When Real Estate turns boring – Realtors get busier – We have to work harder in marketing our listings to make sure the right buyer sees your home. We also spend more time with buyers as they narrow down their choices. It is actually rather enjoyable when you do not have to scramble to beat the others with offers.
Have a great week everyone. It is another hot hot week in Phoenix.