PHOENIX HOUSING MARKET

What’s up next for the Phoenix housing

market?  Well, all indications are that the prices are leveling off and we’re seeing a “bottom” to the downward spiral.   I believe that may be true.  However, what is happening with the foreclosure market?  When I look at the Multiple Listing Service and check the listings that are coming up for my clients on a regular basis, there are a good deal of short sales.   What happens to the homes that are listed as short sales but don’t sell?  Right, they turn into foreclosures.

We still have a ways to go in this market.  While I’d like to think that we’re done, I don’t believe that is the case.  I’m hoping that the marketplace can absorb all these distressed properties.  Are the banks holding onto these properties?  I would hope that if they are that they will be put back into the market at a slow enough pace to keep things moving.

Only time will tell.  I’m still an advocate of “if you don’t have to sell, wait it out”…..if only because all of the short sales and foreclosures are keeping the prices down.  Especially in large communities.

On the other side…if you can buy now, get busy!  I think we’re going to see huge inflation within the next couple of years…..at that time I don’t think the Fed will have any choice but to raise interest rates.  This market is very hard to read…..good luck and let me know if I can help!