Phoenix Homes

Anyone that was trying to buy a home in Phoenix 3 years ago knows it was tough. I would get a list of 6 or 8 houses from my agent in the evening and after work would go out looking. I would find one that I liked and call my agent.

Same story every time – The home was put under contract within 15 minutes of being on the market.

I have not been able to verify, however it seemed the listing agent would take someone to the listing meeting and once the house was listed, the agent would present the contract for the house.

Homes in Phoenix where hard to come by. There were even bidding wars for homes in Phoenix.

It was a tough time. I visited a house that was not actually for sale and the owner was taking offers during the weekend and was planning to offer the house to the highest bidder on Monday.

After several weeks of this we dropped out of the Phoenix housing market.

Now some good news for Phoenix home buyers.

I'm now hearing stories of houses being on the market for upwards of 10 months on average and prices are falling.

Seems prices went up way too fast.

From everything I read there is two factors effecting the Phoenix housing market.

1) More people are looking to sell than people willing to buy. This is made worse by all those ARM loans that are now going into default. Simple supply and demand issue.

2) People who used to qualify for a loan do not now. Less people are able to buy. This effects the number of houses on the market.

I hear it might take upwards of 2 years for all this to work out.

The best time to buy will be when the price of phoenix houses are at their lowest and interest rates are sill low.

This is a story about Phoenix Homes.