It’s an admittedly egotistical notion to say that you have a finger on the pulse of the real estate market in an area as large as Phoenix. Then again, blogs are nothing if not extensions of ego so in that context, what the hell.
There seems to be the slightest change in the air these past two weeks and I can’t quite put my finger on it. Maybe it’s that search registrations across the websites are coming in a bit less frequently than they had been even though we’re still in the same place on the search engines that we’ve been. Maybe it’s slowing traffic.
It’s not something as obvious as the swing upward we saw in late March and April (a bit faster than most others, if I may toot Tobey’s horn) … in fact, evidence from the market tends to tell me my instinct may be wrong.
Yesterday I entered a new short sale listing in the MLS and the first call to my seller for a showing came less than 60 minutes later. Back in 2005 I always felt something was wrong if I didn’t have the first showing take place within 90 minutes. I never thought that would be something I’d see again.
Yet I can’t help but feel some buyers who had extricated themselves from the fence are once again balancing themselves on that perch, waiting to see what happens next.
What gives me hope that the bounce we’re seeing is legitimate is the news coverage that is heading the opposite direction … mainstream media seems to run more than a few months behind the actual trend and is as inclined to misread what they see. (Take as example the idea that a slower supply of bank owned homes will hurt property values, which flies in the face of the law of supply and demand.)
There’s definitely a slowing coming as happens every year around the time school starts up again, though the $8,000 tax credit may keep interest high. Has the slowing started a little earlier? The market’s telling me no but the little voices are wondering.
[tags]Phoenix real estate[/tags]