Are we at the Bottom of the Market?

I am Mike Foulds, Associate Broker at RE/MAX Desert Showcase!  I have been in the Phoenix area for 30 years and been a licensed Realtor since 2002!  I have watched the Valley of the Sun grow from 1.5 million people to the nearly 4 million who are here today!

Many people ask me – Are we At or Near the Bottom of the Market?

That’s a difficult question to answer!  We never really know when we’re at the top or bottom of any market until it’s already passed.

But, the best answer I can give is – it depends on where you live!

The Phoenix market has been hit harder and longer by the housing market crash than almost any other metro area in the nation (besides Las Vegas)!  The Valley of the Sun has experienced decreases in property values of 30-55% depending on where you live.

The outskirts of our market were hit harder than the interior.  Places like Anthem, Buckeye, Queen Creek and Surprise have seen incredible market devaluation over the past 3 1/2 years.  While, most areas inside the Loop 101 have seen a “milder” decrease in values.

We have seen our housing inventory of homes for sale decrease by 8% since December.  Price as have decreased to a point where buyers are more confident to buy.  The first-time home buyer credit has helped entry-level buyers and investors are snatching up values!

So, in some neighborhoods, we are seeing fewer homes on the market and prices stabilizing.  While in the outer reaches of the Valley, inventory remains high and prices may continue to fall for months or years.

No matter what, the same philosophy that worked during the boom years will lead buyers to success – buy inside the Loop 101!  That is where you will have the best chance for price appreciation in the near term.

It’s a Buyer’s Market!!  If you know anyone who is renting – now is the time to buy!!  Please call me and my Action Realty Group will help you make an educated decision about buying a home!!

Til next time,

Mike