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Phoenix AZ Real Estate & Relocation Guide
“IT'S A BUYER’S MARKET”
All Price Ranges. New Home. Resale Home . Lofts . Luxury Home . Vacation Home . 55+ Communities In Metro Phoenix AZ. . THEY ARE ALL HERE!
This buyer’s market is creating many buying opportunities for many buyers and investors who seek for "the deal" that they could not even dreamed of in 2005. CALL TODAY 480-217-7440.
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Our definition of a “buyer’s market” is when an over-supply condition exists, causing supply to have a greater impact on the market than demand. The characteristics of a buyer’s market are:
- Inventory level is high
- Demand is not keeping pace with the inventory level
- Time-on-market is increasing or high
- Sales price is decreasing |
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CURRENT INVENTORY ON NEW & RESALE HOMES IN METRO-PHOENIX, AZ |
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SUPPLY.
Resale Listings.
End of Feb. 2008 = 57,305
End of Feb. 2007 = 48,756
Feb. 2003 = 30, 046
New Home Specs.
As of 4/8/2008 = 3, 143
End of Jan. 2007 = 4, 417
May 2003 = 2, 400
6-Month Spec Count.
The spec inventory count is now at 3,143 units, 969 less than six months ago. The spec count has dropped quite a bit in the past couple months, but this number is still well above the previous record of 2,400 (prior to January 2006) by 743. Now at 1,050, there are 65 less subdivisions than six months ago. The number of new home subdivisions seems to be stabilizing as well. |
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DEMAND.
Demand has fallen nearly 50% from last year to a level below the demand level in 2003.
Resale Sales (Sold).
Feb. 2008 = 3,445
Feb. 2007 = 4,947
Feb. 2006 = 5,893
Feb. 2005 = 7,781 |
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TIME ON MARKET.
Number of days homes stay on the market have increased.
Average Time-on- Market of Single Family Detached (in days)
Feb. 2008 = 109.27
Jan. 2007 = 110
Dec. 2007 = 105.1
Nov. 2007 = 97.98
Oct. 2007 = 99.18
Source: Arizona Regional Multiple Listing Service (ARMLS) 4/2008. |
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SEE THESE 57,000+ RESALE HOMES ON THE AZ ‘MLS’. |
To begin your search, simply click on "Search Entire MLS" tab #4 on the top left corner of this home page and follow the easy steps. While you are on this page, don't forget to scroll down to the bottom of the page to set up and save a search criteria of your choice to receive FREE email updates send to you 24/7. This way, you don't have to type in the same information everytime. See pictures, virtual tours, features and descriptions. Remember, this website only shows you up-to-date or active homes for sale, not homes that have already been sold. Example search criteria: price, location, features, address, city, zip, subdivision name, or MLS # if you have it, etc.
Be the first to know as homes enter the market. The best part is you can search for your dream home/investment from anywhere, at anytime, as many times as you wish without anyone watching, and it is FREE.
Other favorable factors for buyers presently are low interest rates and "real financing with fix rates are available." Programs such as, FHA, first time homeowner bond programs, special loans for teachers, and police officers. It's a great time to buy real estate in Arizona! Call us today at 480-217-7440 for details.
According to CNNMoney, the Federal Reserve slashed key interest rate again on Wednesday 4/30/08. It was the seventh cut in the past six months.
The Two Key Interest Rate Cuts Thus Far Were:
(1) The Federal Funds Rate. Reduced to 2.0% from 2.25%. The rate had stood at 5.25% only four months ago. This rate impacts how much consumers pay on credit card debt, home equity lines of credit and auto loans.
Interest rate cuts are usually viewed as beneficial for the economy since they typically lead to more lending. The federal funds rate affects how much consumers pay on credit cards and home equity lines of credit, as well as the rate paid by many businesses on loans tied to banks' prime rate.
(2) The Discount Rate. Reduced to 3.25% from 3.5%. This is what it costs banks to borrow directly from the central bank.
The Fed's policymakers next scheduled meeting is on June t24 & 25, 2008.
More details on the Arizona real estate market updates, contact us or read our Blog at Arizona Real Estate Market Update.
WE KNOW HOME SELLERS WHO CURRENTLY OFFER...
¨ Rock Bottomed Prices
¨ FREE Upgrades & Incentives
¨ Immedicate Occupancy
¨ Preforeclosure/Short Sale Homes
¨ Buyer’s Closing Costs Assistance
We do try our absolute best to keep our web pages current to reflect the ongoing changes in our Arizona real estate market including Phoenix, Chandler, Gilbert, Mesa, Tempe-ASU, Ahwatukee, Scottsdale, Paradise Valley, Glendale, Moon Valley, AZ Real Estate. If you want to buy a home in other Arizona cities around the Phoenix, AZ area, we can refer you to highly qualified real estate agents/brokers at NO COST to you. Relocation and market information on other cities is available upon request.
We usually started working with our clients 2 to 5 months prior to purchasing an Arizona home. This gives us the opportunity to get to know each other, establish the best financing options (ask us about current FHA loan programs for first time home buyers, teachers, police officers, college students, and fire fighters), and clearly identify which Arizona cities, communities, neighborhoods, and the type of homes will suit our clients’ needs. Lets talk about your needs and desires.
We look forward to the opportunity to earn your business. If you are not happy, fire us any time*. YOU are in control. Call us today 480-217-7440
Best regards,
Sara McLlenan, Founder, Designated Broker®, Realtor®, GRI, CNE
Bachelor of Science in Marketing
Graduate Realtor® Institute
Arizona Real Estate Relocation Expert
Certified Negotiation Expert
*Restrictions apply. Call for details.
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Last updated: 4/30/2008
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