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Surprise, Buckeye, Avondale, Tempe, Chandler, and Mesa, Arizona.
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Valley tackles cooling market
- AZ Republic 3/2006
Metropolitan
Phoenix's housing market started 2005 with a bang but
ended it amid concerns of a price bubble. Home values
soared and houses sold within days in most neighborhoods
during the first six months of the year. But then
investors began to bail, listings climbed and asking
prices stared surpassing home appraisals.
Slowing trend may force owner to
be landlords
So you bought a couple of houses in the Valley during
the height of the real estate frenzy last year, hoping
to flip them for quick profits. But with prices
stabilizing and sales slowing, what do you do now?
Affordability
Many home buyers still being
priced out
Metropolitan Phoenix's housing market has had the feel
of a New Year's Eve champagne binge as home values
soared in recent years. That giddy performance isn't
likely to be duplicated this year, if ever again, in the
Phoenix area as the market reverts to more normal
behavior.
Moving Up
Move-up buyers face widening price
gap
It's an American homeowner tradition: use the wealth
built up in your current home as the stepping stone to
your next house, presumably a bigger one in a better
neighborhood.
New Homes
Home builders add special deals to
lure buyers
Buy a new Valley home and don't make a mortgage payment
for a year. Save $50,000 on a half-million-dollar house
in the East Valley if you buy today. Purchase a home in
the West Valley now and get a free swimming pool.
Condos
For now, condo-conversion boom
continues
Kathy Hayes fits one profile of a condominium owner that
developers are counting on to sustain the market. She
wanted to live in a neighborhood where the single-family
home prices were out of reach. She wanted to be close to
her job, and she wanted to live a maintenance-free
lifestyle.
More Inventory
Buyers gain upper hand as homes
sell less quickly
Listings are up, and houses are taking more time to sell
as buyers regain the upper hand in the Valley's volatile
resale market. Six months ago, the Bilyks would have
sold their house in a couple of days, if not a few
hours.
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