Last week I met with some people looking for properties in the $150,000 range in the North Valley. What I discovered this morning, quite to my surprise, is there are such properties on the market and many have been on the market for a minimum of a couple of weeks.
These are traditional sales – not bank owned, not short sales. And they have the power to turn what we think we know about the Phoenix real estate market on its ear.
There’s no guarantee any of these sellers would look at an FHA offer but the possibility exists (the appraisal would be another battle down the line) – that’s something we haven’t seen up until the last couple of weeks.
While there may be little more to this than picking a particular slice of the market that’s oft forgotten in the frenzy, it does tend to send a slight shiver down the spine of those who always are wondering when winter is coming.