Phoenix Real Estate – If your looking at new homes in Phoenix, now is the time to buy. With the high local spec count Arizona new home builders are wheeling and dealing! New home prices in Phoenix have been declining for approximately one year. Industry analysts have estimated that on average Phoenix home builders have reduced their spec homes asking prices by 13% to 17%. This does not include the additional amount the builders are offering on closing cost and upgrade concessions.
New home builders in Phoenix are trying to reduce the amount of their current inventory homes before 2007 years end. Many builders’ fiscal year ends December 31st. With the end of the year looming, plus excess inventory equates to a good deal on Phoenix property. Once the builders reduce their excess inventory and its no longer years end, your good deal might have gotten away from you.
Phoenix new home builders are taking the necessary steps to slow down production and eliminate their specs. Once this balance is reached you can be assured that the declining prices aren’t going to be declining anymore on new homes. Many new home buyers may mentally be in holiday mode. Perhaps they’re thinking “I have plenty of time and I can start house hunting at the first of the year”. The problem is, I’m not sure where the builders’ motivation may be at the beginning of the year. Builders may be more apt to ride it out starting in 2008.
My crystal ball works as good as yours, but as an industry professional I can only report what I see and experience. Don’t miss your once in a lifetime deal by not taking a little bit of time to figure out your options. Please take a moment to call or email me. More on this story in my next post.
Tags: phoenix real estate, phoenix homes, phoenix property, new homes in phoenix, phoenix az real estate, phoenix arizona real estate
