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Metro Phoenix housing market finally emerging from ashes

Have sellers finally gotten the message

Have sellers finally gotten the message?

I’ve been posting for a couple of weeks about cash buyers are starting to make up the majority of my clients and how they feel it is time to buy.    They have been buying a mixture of foreclosures, estate sales, and traditonal resales (all at bargain prices) in downtown Prescott, Talking Rock cottages, and income properties in Prescott Valley. 

Now the numbers are starting to come out of the valley and according to the Arizona Republic this morning, “for the first time in years, there’s good news coming out of metropolitan Phoenix’s housing market.”

The article, by Catherine Reagor their real estate guru, goes on to say that March saw several firsts:

1) Home sales rose to 2005 levels;

2) Foreclosures fell for the first time in a year; and

3) Several Phoenix neighborhoods saw prices stabilize.  

She goes on to quote from a Phoenix real estate pro:

“The affordable end of the Valley’s housing market could finally be at the bottom looking up,” said Mike Orr, a real-estate agent and analyst who publishes the Cromford Report. “Homes priced for $150,000 or lower are selling fast and even getting multiple offers. My money is on home prices in many of those neighborhoods being slightly higher by June.”

If sales continue to climb in other metro Phoenix communities this month and in May, there’s a good chance home prices in the Valley’s most affordable communities could tick up in June.

“April will be the turning point for the housing market,” Orr said. “People are beginning to perceive we are at the bottom, and there’s no reason to wait to buy anymore.”

See the whole article here:  Promising signs from Valley housing data

People who know me can tell you that I am a realist over an optimist.  Right now I think reality is that if you are waiting on the sidelines and keeping stats, circle today and then if you haven’t gotten a deal in escrow in 90 days, check this space to see what the average price has gone to in the Prescott area.  I bet it is up. 

For the latest quarterly report of Prescott Arizona area foreclosures and short sales, see this post:  Prescott Arizona area foreclosure market report for Q1 2009

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