Lately I’ve been reading multiple news stories, various blog posts and statistical sites to bring you accurate information concerning the Phoenix real estate market. I’ve seen various figures showing national housing prices down as little as 2% to a recent report that showed Phoenix real estate being down as much as 8.8% from one year ago.
In a previous article I reported that (spec) new homes in Phoenix have came down approximately 15% on the average in the Phoenix real estate market in the last year. I feel that the 15% average number is a very accurate number based on the source that I received it from. Some builders have reduced more than others but overall 15% is the Phoenix Metro average.
Is it time to buy? Has the market bottomed out yet? All of my research shows that the market is not at the bottom just yet. Some reports show the bottom coming anytime between 2008 and 2011. If you look at your new home as a home and not just an investment, I say by all means buy now or very soon.
The Federal Reserve is expected to lower interest rates another .25 to .5 of a percent in the first week of December. Some new homes in Phoenix that were $200,000 a year ago can now be had for $130,000. That’s a 35% savings from a year ago in many of the outlying areas of The Valley.
Read the rest of the article on Part 2. Contact Rick at www.HotPhoenixRealEstate.com to explore your phoenix Real estate options.
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Tags: new homes in phoenix, phoenix arizona real estate, phoenix az real estate, phoenix homes, phoenix property, Phoenix Real Estate
