Arizona residents remain down on real estate
January 2nd, 2008, 10:14 am · 1 Comment · posted by mistywilliams
A new survey shows that 40 percent of Maricopa County residents polled believe housing values will decline in 2008.
The survey of 401 Valley residents also states that 33 percent expect prices to stay the same and 24 percent believe values will rise. Local firm WestGroup Research conducted the survey in November.
Results also showed that 55 percent of those surveyed thought home values in Arizona are “a little too high” or “much too high,” compared with 34 percent who considered prices “about right.” People with annual incomes less than $55,000 were significantly more likely than more affluent people to say values are “much too high.”
More than half of those surveyed also reported that the current housing market was not impacting their cost of living or budgeting, while 36 percent said it was having a “slightly negative” or “very negative” effect.
January 20th, 2008 at 1:44 pm
As a Realtor in this market and a professional, I have noticed an influx of buyers. Despite the negative news reporting, there are many that are successful at pricing their homes effectively. Yes, the prices have gone down since 2005; however, they are leveling out. There are pockets of areas doing better than others.
My take on the news media, is that they are generally six months behind what is happening in the market. Homes are on sale. Now is the time to grab that home. If you are a credit worthy buyer, buying a home now is a “good thing.” Why wait until sellers begin to increase their prices. The supply and demand is what drives our market - however, now, with affordable housing prices, sellers willing to negotiate, and lower interest rates l personally predict 2008 to be a turn around year!