There are many great homes for sale in The Valley. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (480) 596-2900 for a FREE home buying or selling consultation to answer any of your real estate questions.
What Kind of Changes Have There Been
Hello again, I'm here to give you another market update for this year. We have seen lots of change in the last six months, and even more change in the market in the last 30 days.
- Currently, there are 28,000 homes not under contract (25% increase from last year)
- There is also a 6.3 month supply of inventory, as opposed to last year's 3.9 month supply of homes. At this time last year it was a seller's market, but with this increase in supply the market is catering to both buyers and sellers.
- If inventory continues to pick up at this pace and demand doesn't rise significantly, then we could see a buyer's market in 2014.
- There are also 38% less homes under contract this year and this is because:
- Homes were less expensive, interest rates were lower, and the Dodd Frank Act went into effect, which tightened up credit as well. Read more about this act here: http://searchfinancialsecurity.techtarget.com/definition/Dodd-Frank-Act
- FHA loan limits have also sunk from $350,000 to $271,000, which took a significant chunk of buyers out of the market.
Contact me at (480) 596-2900 or email me at jason@thepenroseteam.com
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