Even as inventory shrinks and demand reaches levels not seen in more than three years, it’s safe to say the window of opportunity for buyers in the Phoenix real estate market is far from closed.
Consider that rates remain now. Loans remain available for those who have credit, have jobs, have income. Setting aside the shell game that is the city of Phoenix’s $15,000 loan to purchase a bank owned property, it’s not uncommon for sellers to help buyers with closing costs (but not with down payments.)
And most importantly, the laws of supply and demand have been suspended in as much as the current spike in demand hasn’t had a significant impact on prices. At least not yet.
Most cities in the Valley have price charts that look a lot like this one:
But not all. Here’s the median price chart for Phoenix itself:
And here’s the chart for Scottsdale:
Scottsdale’s higher price points always have made it a bit different than the rest. With the City of Phoenix … it’s possible the floor you’re looking at could drop off again. But when people ask whether the market’s starting to flatten, the answer’s now becoming that it depends where you are. Because the stats show in some areas it’s happening.
A flattening market isn’t bad unless you’re seeking another 20% drop in prices. If you are, there’s a chance it could happen but all of the numbers suggest it’s not going to be.
For the rest of us, the market is changing ever slow gradually. Other buyers have jumped off the fence the past month to give the Phoenix market its strongest month since October 2005. Will April bring continued strength? Only time will tell.
The question is whether you’ll be part of the crowd leaving the increasingly uncomfortable fence or if you’re content to wait until the prices really do start to move.
[tags]Phoenix real estate[/tags]