Phoenix Market Update: Nearly a Third of Listed Homes Vacant

In the Greater Phoenix market there are nearly 20,000 homes that are vacant, and waiting on the market to be sold. Less homes are being sold and it is taking more time to sell. To further add insult to injury, these homes that are vacant could be contributing the the decline in home prices. This could happen if sellers own two homes and are very anxious to sell. Lowering their asking price in order to relieve themselves from the burden of two mortgages.

It could be a result of Investors who are looking to rid themselves of homes they can no longer afford to rent out. Either way this does not bode well for our market here in Phoenix.

I hope that these homes sell soon. That would drastically cut the amount of homes for sale, and in turn, it might help stabilize property values, or dare I say increase home prices. This would be great for all those home owners who think they got the raw deal for buying a few years ago.

Here is a link to the site where I read this information:

http://www.azcentral.com/news/articles/1031vacant-homes1031.htmlhttp://www.azcentral.com/news/articles/1031vacant-homes1031.html