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As evidenced by our current active listings, and less than half of the homes selling compared to last year, some of the areas suffering the most is Queen Creek and/or Pinal County. The further you are from the freeways, the longer it will take to sell your home. Many sellers are getting more realistic about their prices realizing that they "must" list their homes for much less than even a year ago. That said, homes are selling in areas like Mesa and East Mesa and areas closer in to Phoenix.
Keep in mind that not forever will the market in the outlying areas be soft. They will pick up as the market picks up and as Ironwood finishes being widened and the proposed Queen Creek Freeway is an actuality. New stores, new schools, and new homes are going up like crazy in Queen Creek. If you can handle the drive and wait it out, now's a good time to make deals. On another note, interest rates are higher than they have been for a year, and they are predicting them to go up to seven percent by the end of 2007.
Existing home sales show slight bump in dragging market, from the East Valley Tribune, reports on the recent sales and price report from ASU. It adds that the market is dealing with a huge overhang of housing inventory, which hit record highs in recent months-- soaring to more than 50,000. Many are investment properties. The slump has hit some areas harder than others. Those closer to freeways and jobs are holding steady, while prices in outlying areas continue to drop. Sellers in Pinal County and the West Valley are struggling to compete with builders offering larger homes, landscaping and other incentives at resale prices, said Jay Butler, director of Realty Studies at ASU. High energy prices and traffic congestion are also impacting sales, he said.
http://www.eastvalleytribune.com/story/91454
Today, our listings total 53,752. Now is a great time to buy - don't wait too long, or the interest rates will be higher than you'd like.
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