Here is the November 8, 2009, Realtor survey by Credit Suisse. This shows what Realtors have to say about the real estate market here in the metro Phoenix market. I hope you find this interesting. Thanks Credit Suisse!
06 November 2009
Monthly Survey of Real Estate Agents
Phoenix, AZ – Sentiment of Market Bottom Pulls Buyers off Sidelines
(11,549 single-family permits in 2008, 4th largest market in the country)
Fears of missing the market and the tax credit help traffic meet expectations. traffic was in-line with expectations. Our traffic index fell to 50 in October from 53 in September (a reading of 50 indicates expected traffic levels). Agents highlighted an interest in bargains, as well as the impending expiration of the first time buyer tax credit in October’s traffic levels. One agent mentioned more short sales and oreclosures. Another mentioned that, “Buyers are fearful that they issed the bottom of the market and do not want to wait much longer.” In addition, according to agents, buyers who did not enter the market earlier this year were hoping to close in time to receive the $8,000 tax credit. The effect is coupled with the sentiment that the market has bottomed. Buyers feared missing on two fronts: an effective $8,000 discount on homes, and a possible reversal of the heavy discounts that stemmed from the market downturn.
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“There is more realistic pricing. Buyers are taking advantage of the market.”
■ “Prices are already low and buyers are thinking this is the best time to buy.”
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