Phoenix Real Estate – In this third and final article in this New Homes in Phoenix series I wanted to recap the previous two articles and provide some additional decision making factors.
In the first two articles I pointed out some interesting facts. Two of my primary points were the high Phoenix metro new home spec count and what counter measures the local builders as a whole are taking to counter decreasing Phoenix spec home pricing.
I want to make sure you understand the different market factors of new Phoenix spec homes versus the Phoenix resale homes market. The primary fact is while resale inventory is increasing builder spec inventory will level out and decrease. This will effectively level off the 13% to 17% decline in builder spec home pricing over the last 12 months and stabilize the prices.
Once the overage of specs start to level off builders will no longer have the need to offer their current large incentives and concessions they are offering to move their current spec homes. Once their spec inventory is more in the normal range their since of urgency will end. It’s all about supply and demand. By balancing out the oversupply of specs your window of exceptional value opportunity decreases daily.
Also keep in mind that thousands of people relocate to the Southwest and Phoenix in particular every month. Also consider the amount of local new home buyers that are on the fence waiting for the market to hit rock bottom. With these two factors and the eventual decreasing deals on new Phoenix spec homes there could be a large all at once rush to get your foot in the door on any remaining deals, if any.
When this occurs, Phoenix new home spec pricing is likely to stabilize very quickly and start an upward momentum. Don’t be caught saying “if I had only bought a spec home a couple of months ago I could have saved tens of thousands of more dollars”. Worse yet, you may inadvertently be priced out of the market on your dream home and may have to settle for something smaller. Don’t let the above scenario happen to you.
There are currently over 1,100 active new construction communities in the Phoenix Metro area. Each and every community needs and wants to make sales to keep their cash flow moving. Who is going to give you the best deal this week to earn your buying dollar?
Contact me today to get more information and to explore your options. Click here now phoenix real estate!
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