(Buyers) It's our time!

[JoePAz]

Originally Posted by jvazjr

Phoenix update:
Sales for March were 4212, an increase of 830 over February's 3442...

Real estate however is seasonal, and to put this in perspective, since 2001 the lowest March sale has been 5704. ( I don't have access to earlier data) This is 20% worse than any March in the last 8 years..

In my local area the number of homes under contract when from 35-40 in January/Febuary to 90 in March. The data shows clearly more sustained activity in March vs earlier. Some if is seasonal, but a doubling is not. Of course under contract does not mean sold, but it does show activity.

Also a median home in my area is around 2000 Sqft. At the peak these were going for 350-400k. Now they are going for 200-250k. These are not extravagant homes by any means, but not shacks either. The 200k prices are very much line with prices paid when the houses were new back in 2000-2002 time frame. The simple fact is people in this part of Phoenix are seeing value in the market. Foreclosures are still high, but the price drops may have much futher to go so may people are happy to turn back to the clock to the pre-bubble days. The other advanage to our area is there are very very few new build in our community.

[JoePAz]

Originally Posted by Humboldt1

Can the person who predicted 5% decline in Phoenix please respond to the "hard facts" presented?

Thanks.

I predicted that for my local area in Phoenix. The overall median price may drop futher, but seeing how much prices have dropped in our comminity and recient activity makes me think there is not much left to drop. A 2000 Sqft 3/2 home build in 2001 sold for around 200k-215k back in 2001. It ran up to about 375-400k in late 2005/early 2006 and now can be had for 200-250k. Demand in our marked started waining in late 2005 and prices peaked in early 2006. Those kind of price changes are cause alot people to jump and the "under contract" number seem to support this. The 5% comes from the realization that foreclosures could bring things down even more, but on the other hand I see normal people looking giddy at how "little" they can get a house for these days. Sales volume has been slow low in Phoenix in past 18-24 months that alot of folks that put off buying are getting itchy to buy now.

[vincentnyc]

Originally Posted by dogmom

...you people must think we sellers are all idiots..somehow we have managed to own homes for over 30 years, we are doing something right....

yes most sellers who bought back in 2003-2005 who pay those over-inflated prices and got ARMs are IDIOTS.

[dangelo]

Originally Posted by TimtheGuy

"
I advise all my 1st time homebuyer pre-approvals to go out and let the low balling begin.

A man of my own heart!

I want you guys to take a look at this property as an example of what was going on around my neck of the woods.

5112 BACK STRETCH BLVD, UPPER MARLBORO, MD 20772 | $350,000 | MARLBORO DOWNS Real Estate

At the bottom of the page is the sales history which I verified with the state sales records. The first one is what the builder paid for the LOT so disregard the 88k. That 88k could be for multiple lots. This house went from 202k new in 2000 to 450k in 2005 in and is now on listing for 350k as a short sale. These figures are very typical for < 10 year construction around here.

Can you feel my pain of shopping in 05/06? Can you understand my joy now?

[jimj]

I think this thread has run it's course. Unfortunately it seems there can't be a discussion without some resorting to insulting others (as usual) which shows the weakness of their position. When there's an absence of fact let the insults fly seems to be the battle cry now....
See Ya...