Real estate is a fairly quirky profession and I think it has a tendency to be even more quirky in a place like the Phoenix real estate market.
I was cleaning out my “My Documents” folder and ran across a spreadsheet from May with a list of ready, willing and able buyers and what they were trying to find. And as I went down the list, I realized not a single one ended up purchasing a home here in Phoenix.
Reasons vary from person to person but in most cases the change can be chalked up to the truism that life sometimes gets in the way.
The continued uncertainty of the market probably doesn’t held a great deal. Should you buy now? Should you wait? Will a price chart like this …
… or like this …
… continue flat, rebound or eventually turn lower like this …
Buyers understandably want some certainty as to the direction of the market. Some sellers are hoping to see prices bounce back to where they were, all the while hoping that the market doesn’t turn lower.
One thing that I must say has surprised me has been the tepid interest from Canadian buyers, or at least the lack of immediacy.
With the US dollar sitting at $1.07 to $1.08 Canadian for the past handful of weeks I would have expected more buyers to take advantage of the favorable exchange rate since there’s far more volatility in the exchange rate than in property values. But that hasn’t necessarily been the case as many sit on the sidelines waiting for circumstances to change in whatever way is needed.
We’re quickly approaching the time of year when the market slows naturally, which also is the time of year when the snows hit Canada and interest in the Valley picks up. Soon we’ll put the 100-degree days behind us and the only thoughts will be of golf on New Year’s Day, which isn’t a bad gig if you can pull it off.
Perhaps other real estate markets are just as quirky … that’s for others to say.[tags]Phoenix real estate[/tags]