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Old 07-14-2007, 11:18 PM
 
Location: NW Phoenix
477 posts, read 1,583,270 times
Reputation: 153

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I know there is alot of talk surrounding the local housing market here in the Metro-Phoenix area. What is the general census regarding values? Are they going to just be stagnant or are they dropping? Now through 2008 what is said to be predicted with values? Any expert opinions???
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Old 07-14-2007, 11:26 PM
 
647 posts, read 3,340,787 times
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Depends on which article you read, or which news story you watch. I just read an article this week saying values will continue to drop by about 7% over the next year. I also read an article recently, or maybe I heard it on the news, that we've probably hit bottom and we're going up from here. Every "expert" has a different opinion.

No one can say for sure what's going to happen. Based only on what I've noticed in my little area of the east valley (Chandler/Gilbert), my personal opinion is that I think it's starting to bottom out. Prices may decrease a little more, but I don't think it'll be by much, then it'll level out over next year. Again - just my opinion. I certainly wouldn't wait to buy though, with the hopes that prices will decrease dramatically. Who knows what will really happen.
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Old 07-15-2007, 01:14 AM
 
7 posts, read 27,568 times
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my opinion:

-8 months of inventory.(its been 6-8 months since a year)
-mortgage rates are at peak,not expected to go down till 2007 end or 2008 begn
-prices going to be stagnant with -1%/1% each mo for another 2 years.
-2008 jan - 2008 may best time to buy.
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Old 07-15-2007, 02:34 PM
 
575 posts, read 1,778,048 times
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The only data I have is specific to a very limited area (ie: my neighborhood) but things are not pretty and I'm willing to bet there will be further price drops.

Way too many houses on the market + far too few sales = something has to give.

That's especially true since we're already heading into what is traditionally a slower time for the RE market anyway.

I'm guessing at least a few folks who have homes listed in our neighborhood right now are feeling some real pressure to sell and dropping their price is probably what it's going to take. Enough people start doing that and it affects everyone.
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