By now it should be no secret that the Arizona residential market has cooled to be a buyers’ market in all but a few areas. Our recovery from ‘the big one’ of 2008-2011 can now be considered over. Forecasts for the future tend to envision a year of relative stability although a number of factors, including the economy and tax changes, could in fact aggravate the current slight downturn.
The Wall Street Journal’s article – America’s Hottest Housing Market Has Suddenly Cooled Down gives you all the statistics as of January 2014. Of course, you can feel free to check the more recent Cromford Report through our special arrangement.
What does this mean to home owners and buyers? For home owners looking to sell, expect to market more aggressively and expect that you home may stay on the market longer that the few days or weeks that has been the norm for much of 2012 and 2013. This is the time to use a competent REALTOR® and make sure he or she knows how to maximize the appeal and value of your home.
For buyers, you can expect a more reasonable buying process and more inventory from which to choose. Absent the dramatic appreciation we saw in the last few years, the pricing should be more predictable. That said, your concern should also be in getting the best financing. Here’s why.
In typical extreme fashion, the mortgage industry tightened lending requirements excessively in the post-2008 crash. That tightening has eased and more mortgage companies are offering options for those with less than perfect credit situations. New products are being developed as this blog is written, however. So check with in-the-know lenders who can offer the latest and best fit mortgages.