Phoenix Real Estate – New Homes in Phoenix – On my last post I reported that Phoenix home builders are taking the necessary steps to balance decreasing property values. Builders of new homes in Phoenix are doing this by slowing down their production and eliminating their excess spec or inventory homes.
Because Arizona new home builders have done this they will be able to better control decreasing values. Decreasing values on new Phoenix homes will be balanced out much quicker than resale Phoenix homes. With that said, now is the time to buy a new Phoenix home.
Once builders as a whole balance out their inventory homes along with their production new home prices will level out and start to rise. The question at hand then is when will this happen? To further help your decision making process all I can do is provide additional information for your review.
According to industry analysts there are currently some 4,000 to 5,000 spec homes available in the Phoenix metro area. There are approximately 54,300 homes listed for sale on the (ARMLS) Arizona Regional Multiple Listing Service just in the Phoenix metro area as of this writing.
As you can see there is a ratio of approximately 12 to 1. That’s 12 resale phoenix homes to every 1 new construction spec home in the same Phoenix metro area. As you can imagine the builders as a whole are much more organized on controlling the declining values of their homes than some 54,300 unorganized resale sellers.
So once again I pose the question – is now the time to buy your new home in Phoenix? Only you can answer that question. Market statistics, excess inventory and current large builder incentives are saying yes.
Contact me or search Phoenix Real Estate through my website to discuss your options.
Tags: new homes in phoenix, phoenix arizona real estate, phoenix az real estate, phoenix homes, phoenix property, Phoenix Real Estate
