The winds of change are blowing through the real estate market. Back on March 12th, we wrote a post entitled “Has The Phoenix real estate market hit bottom?” Now, just two months later, statistically, it would seem that the market is changing and in a seemingy positive direction.
If you’ve been waiting for the market to “bottom out” to get the best price on a home, then possibly, you may have missed your window of opportunity. Just by doing a weekly comparison of the number of homes for sale during the month of May, it seems that the number of homes for sale is dwindling.
As of May 26th, our home inventory looked like this:
| Active Listings | Single Family Homes | 35,735 |
| Active Listings | Short Sale | 8,076 |
| Active Listings | Lender Owned Properties | 5,147 |
| as of 5/19/09 | Active Listings | 36,559 | +824* |
| as of 5/12/09 | Active Listings | 37,808 | +1,073* |
| as of 5/4/09 | Active Listings | 38,877 | +3,142* |
*These numbers indicate the number of homes for sale when compared to the 5/26/09
Is now the time to buy? Perhaps. Could things still change? Absolutely! But, here’s the bottom line … if you find a home that you really want (and can afford), put your highest & best offer in on it - NOW!
We are seeing homes receive multiple offers and selling for over asking price. It’s been a long time since our market has seen this kind of activity - so Yes, now is the time to act.
What can we do to help you?
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