Phoenix Real Estate Absorption Rate: August 27
Posted on August 27th, 2007 by Jonathan Dalton
Here’s the latest weekly update on the Phoenix real estate market:
Inventory of single-family detached homes in Maricopa County continues to rise, up another 200-odd homes from a week ago to just shy of 40,000. And sales continue to slow, with just over 3,000 sales over the preceding 30 days. The result is a county-wide absorption rate of more than 13 months.
Click on any of the markers below to see the most recent inventory figures for cities and towns around Maricopa County, as well as Queen Creek and Maricopa.
Much of the slowdown can be correlated directly with the recent credit crunch - and the ripple effect as perceptions about the mortgage market become more dire than the reality of the situation. Loans still are available for qualified buyers: stated income loans do exist - the rates are significantly higher and the standards far more stringent - but they do exist. The same goes for jumbo loans.
FHA financing also is available for buyers with purchase prices at $270,000 or lower and programs such as Ameridream can help with out-of-pocket expense - assuming the seller is willing to assist with the costs.
As for prospective sellers, the advice remains much the same as it has been for the last several months. If you don’t need to sell, don’t put your home on the market. This isn’t the time to test the waters just for the heck of it.
If you do need to sell, price your home competitively and make sure it’s move-in ready. Homes still are selling, but only at a rate of one out of every 13. Ignore the dog-and-pony shows such as open houses and broker tours and play the bets with the better odds - price and condition.
[tags]Phoenix real estate, absorption rate, phoenix real estate inventory[tags]
Popularity: 3% [?]
Comments
Discussion Area - Leave a Comment