Rent Real EstateA Cooling Resale Market in Phoenix
Realtor Cheryl Williams says, "The housing market is still strong. Sales from the first quarter were up from last years record breaking pace and prices have climbed more than 40 percent in the past year. However, the resale home market is starting to cool or in other words, it is appearing to have met its peak. The market still looks strong compared with the same time last year. For example: the multiple listing service shows 33 percent of the homes listed in July 2004 sold in less than 30 days. This year 72 percent sold within 30 days. The price for an average resale home now is $255,000."
She adds, "There are more listings staying on the market longer now. As the bidding wars slow way down, price negotiations are more likely. Sellers are pricing their properties aggressively and optimistically, which will lead to more negotiations and home prices across metro Phoenix will begin to level out. Homes will definitely continue to appreciate, just not at the record pace of the last year. Buyers will have more choices now, partly due to the fact that investment buying has slowed down. This has made for a better market for regular buyers and first-time home buyers."
"Arizona is a wonderful place to live! Opportunities are plentiful, and the local economy is thriving like never before. The climate is just perfect for your varied life-style. No matter which area of the valley you are interested in, there is a home for YOU! You"ll enjoy the two new sports facilities bringing even more growth and opportunity to the area. Enjoy the year round wonderful weather and excellent schools. Remember, Phoenix Metropolitan area is still close to Flagstaff, just in case you miss the snow!"
Realtor Terry Aaslid notes, "Phoenix has enjoyed a strong economic growth coupled with a major population shift in the recent years. The housing market is one of the most active in the United States. That growth has spurred new construction which is evident everywhere. Within easy commute, new home divisions are opening and closing at a dizzying speed. City planners estimate that Metro Phoenix could grow another 2 million within 2020. Currently, demand is outstripping supply and home builders have introduced various forms of lotteries frustrating anxious home buyers. Likewise, the resale market is under great strain as the total inventory has shrunk dramatically. Homes sell within days and often at more than asking price."
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