The real estate market in Phoenix continues to return to a more “normal state” whatever that means. Prices are edging up especially in price ranges below $250K, and inventory has dropped below the 2 month mark. Yikes!
Think the shadow inventory is going to replenish the market – don’t be so sure. However you look at it, we are going to be low on inventory for a while. Buyers: get over the fantasy that another big price drop is going to happen here in Phoenix. All signs point to higher prices.
For those folks waiting for the bottom of the Phoenix Real Estate market – it has come and gone. Here’s a little wake-up call from San Tan Valley that demonstrates what we can expect home prices to do in 2012.
Buyers, it’s really time to come down off the fence…seriously.
I had phone duty today at Thompson’s Realty and received a call from a frustrated gal who couldn’t get anybody else to call her back about renting a property. It’s a more common complaint than it should be. There is no good excuse for not returning calls, but if you are frustrated too, check out this video for some thoughts on the topic…