Why the Paradox?
The answer is at once simple and complex. The Phoenix AZ market is currently driven by the lenders selling foreclosed properties. In addition, there are many people who face foreclosure. Currently there are over 40,000 notices of default pending. These factors depress listing prices.
Buying activity is centered on these foreclosed homes, with the dominant players being investors chasing these homes with CASH. It is very difficult for the traditional buyers to successfully compete in this market.
Sun City is slightly different, in that there are few foreclosed homes and buyer activity has been stable, if lower than normal, for the last few months. The problem here is that the prospective buyers who would like to sell the old family home and move into an adult community cannot sell because they are competing with the REO (foreclosed) sellers.
My analysis of the current conditions lead me to believe that sales prices will stabilize, indeed may have already stabilized, but cannot go up any significant amount for at least 2 more years.
It remains difficult to sell a traditional listing, but not impossible.
Buyers, it is no longer a buyers market, but the conditions remain good for the purchase of a new home, especially for first time buyers. A caution, interest rates are now creeping up, and traditional inventory is gradually being absorbed. The first time buyer credit is scheduled to expire in December, don't wait too long.
Jim Little, Your Sun City REALTOR®
623-977-1776
To search the MLS with NO Registration, click HERE
Like it's namesake, the mythical bird, real estate is beginning to rise!
Buyer activity has risen each of the last three months!
Bank-owned (REO) homes are now selling as fast or faster than they are listed!
The Sun City inventory of homes for sale has decreased over the last couple of months.
To read more about this, interest rates and the first time buyer credit, click here
Jim Little, Your Sun City REALTOR®
To search the MLS with NO Registration, click HERE
Who can imagine the sheer terror the young men who invaded Normandy 65 years ago felt? I quake to simply think of it.
I live and work in Sun City AZ, and am honored to know some of the men and women who fought the battles of WWII.
It is my honor to know and serve these people.
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In the day, we all had to serve.
When my turn came, I enlisted 12/7/1964 serving until 12/6/1970. I reported to Fort Polk on my 19th birthday. Yes, I've had better birthdays.
It is now 45 years later and I have never forgotten my Drill Sergeant, a HUGE bear of a man, wearing the same campaign hat that Smokey the Bear wore.
Back to my subject, you never forget your Drill Sergeant, Drill Instructor, etc. This frightning but dedicated individual took callous youths and made men and women out of them. They were respected, feared, and yes, sometimes hated by those they trained.
I am sure one thing never happened, they were probably never thanked for the lessons taught.
Today, I would like to correct this. Sgt Gooding, wherever you are, thank you. I have stood on your shoulders for my whole life, I hope I wasn't too heavy.
(This post is a short version of one I posted on my website. To see the full post, including a photo of me when I was young (isn't there a song with that title) please click here.
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I serve buyers and sellers of homes and condos in Sun City, Sun City West, Sun City Grand, Glendale, Peoria Surprise, and the West Valley of Maricopa County. BPOs also in the NW valley.
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