Sugercoating the Arizona Real Estate Market
I’m tired of Realtors sugarcoating the market by saying “the median home prices are higher in July of 2006 as opposed to July 2005.” While this statement is true, it’s not a real reflection of current market conditions. If you want to analyze market conditions or look at market trends, lets examine home sales and inventory from Q3 of 2005 (probably the peak of the market), compared to Q4 2005 and then Q4 2005 to Q1 2006 and so on….
What am I getting at? Simple…the market has depreciated in ‘most’ areas, inventory of homes on the market is much higher than last year and it is a buyers market. So if you’re considering a move to the area, it’s a great time to buy - especially with interest rates on the rise.
I urge you to make sure you’re working with a qualified buyer’s representative that will leverage the contract and negotiations to reflect the CURRENT market conditions. If you don’t have a Realtor or are looking for a competent and savvy real estate consultant, please visit our about us page to see how we do business.
September 29th, 2006 at 10:56 pm
Sugar-coating one direction isn’t much different than hysteria the other direction. The market has not depreciated in “most” areas. In several, absolutely. But most covers a fairly wide swath of the Valley.
Year over year works better than quarter vs. quarter because it levels the seasonal variances inherent in the Phoenix market. Anyone who has been in this business any length of time knows there are more active seasons than others.
I don’t believe in sugar-coating either. But I also don’t believe in blanket statements not backed by the facts.
November 4th, 2006 at 7:50 pm
Sugar coating or not, the builders are hurting. Elite Communities joins Jackson properties in the practice of hiring agents, waiting until they have a slew of homes about to close, and firing them so they don’t have to pay commissions. Ever wonder why they are always hiring? Now you know.