DID YOUR HOME GO DOWN IN VALUE

If you live in the metropolitan Phoenix area, chances are your

home value has decreased as much as 29%.  Zillow is reporting several communities within the Phoenix area have drastically dimished value compared to those of 2007.  However, it seems that most homeowners are in denial about the value of their homes.  I’ve run into this as an agent.  It is our job to educate our sellers as to the value of their home within this marketplace. 

I don’t believe in leading people down a primrose lane.  If they want to sell, they’ll need to see what their competition is, what has sold within the last 6 months and place themselves in the market to be competitive.  Long story short, if you don’t need to move, don’t.  If you’re in a position to hang on for a couple of years, hopefully, the markets will stabilize.  Right now is not the time to move if you don’t have to. 

I do believe there are values out there if you are an investor.  Just be careful of where it is that you’re buying.  There are certain areas, i.e., Scottsdale and Paradise Valley that Zillow has not shown significant drop in value.  The entire valley has seen it, just to varying degrees.

Even in the White Mountains the home values have decreased.  Investors who bought two years ago just want out, even if it means taking what they paid or less.  Recently, a lot in Torreon sold for $98,000.  That is a great price for that area.  I know that Bison Homes is also suffering with the market downturn and you can get a really nice cabin in Heber, Overgaard or Show Low.  

There are other new developments throughout Show Low and if you can purchase, now is the time.