Phoenix Real Estate Experts Assess Market

Want to know what several of the local real estate experts have to say about our current market?

Today’s article at AZCentral.com, 3 experts sift through rubble of Valley market for signs of life, gives some insights, and shows that there’s not any one clear answer. I think it’s worth the time to read, whether you are considering making a move, or not.

A couple of the quotes that confirm what I’m seeing:

Jay Butler: There’s no such thing as a national housing market. There’s no such thing as a Maricopa County housing market. It’s really what’s happening in your neighborhood. Some neighborhoods are holding up. There’s very little turnover, and people are very happy. . . . In others, you’re going to get foreclosures and sellers cutting prices to get out.

… and

R.L. Brown: It’s the best time to buy a house that we’ve seen in at least the last three years. Decide where you want to live, and then start focusing on that neighborhood. When you see the “for sale” signs start disappearing, it’s a clue that the area is in the process of recovery. Then prices in that neighborhood have probably bottomed out, and you’d better make your move.

My experience over that past three months is showing that some sellers are very in tuned to the market. I had two listing appointments Saturday morning and in both cases, the owners were very close to where my analysis showed that a suggested listing price would be.

However, other sellers still have a presumption that their house is better than any other in the neighborhood. I represented a buyer last week, who walked away from a home purchase negotiation, because the non-local seller just did not see that her home was overpriced by 10%. This buyer was savvy as to the market, nervous about buying in today’s market, but in a situation where it was the right time for her to make a purchase…. as long as she didn’t overpay.

The interview definitely covers a lot more ground, in regards to credit, recession, and remodeling. I do suggest at least scanning if you have any interest in our local real estate market.