Reviewing the statistics is a way a predicting the direction of the market, however, I believe we must dive more deeply into the numbers. We are seeing a very firm market across the valley in the under $200,000 range. As a matter of fact, I see some homes selling today at the same price or higher than a year ago. It is the luxury market that is in the most trouble right now. For example a home in Silverleaf that would have sold for around $2.3 million last year is selling at about $1.7 million this year. So you have a situation where the lower end is strong and the upper end is weak and if you are in the middle it can be a drag or awesome.
Timing an exact bottom for any market is so difficult. But with home sales it is impossible. The exact same floor plan can have so many variables: location, condition, upgrades, ability to show, views and more. When we look at repeat sales of the same home we also experience a gray area. A home selling in 2005 completely remodeled, today it is hard to say if the remodeling is still there or damaged worn out etc…
The evidence is out there. There is low inventory. Interest rates are low and there is very good demand. No is the time to make a smart decision for the long term hold!
Just my opinion…Jeff Cameron
Falling home prices stir fears of a new bottom
Tax credits and historically low mortgage rates have failed to lift home prices so far this year. Prices nationally fell 0.5 percent in March from February, according to the Standard & Poor’s/Case-Shiller 20-city index released Tuesday.
That marks six straight months of declines – a sign that the housing market is going in reverse.
“It looks a little like a double-dip already,” economist Robert Shiller said in an interview. “There is a very real possibility of some more decline.”
Home prices in Phoenix, one of the 20 indexed cities, mirrored the national trend with a 0.5 percent monthly decrease. In terms of ranking from most improved to biggest decline, Phoenix was in the middle at No. 10.
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