I’m watching with interest the valley home market and saw this interesting article up on the Arizona Republic web site. I’ll include the most interesting parts here.
Valley home listings have climbed from a low of about 6,000 in February to 30,000 now. Prices dipped in some areas late last year as the number of homes for sale rose. Now, it’s taking at least 10 days longer for houses to sell than it did a year ago.
These speculative home buyers hyperinflated prices in 2005 by at least 25 percent with their purchasing sprees, new research shows. And what they do this year will determine whether the Valley’s housing market sags, keeps climbing or stabilizes.
Forecasts call for everything from a 10 percent increase in Valley home prices to a 10 to 15 percent drop.
Investors accounted for at least 25 percent of all Valley home buyers last year, according to property records and real estate agent reports.