Arizona Market Slows – But Sellers are Not Giving Up
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I found this interesting article in the East Valley Tribune today about the Mesa, Arizona real estate market. The reporter grasps a concept that I think is well said. Instead of the gold rush that was going on the last few years, the market now has reverted back to a normal real estate market. But don’t take my word for it, read this and let me know what you think.
Sellers still want top dollar, so houses are staying on the market longer. Buyers aren’t buying because they figure homes that have been for sale a month or more aren’t worth considering, despite the fact it generally takes about 45 days to sell a house.
“This has got to change. Otherwise the market is never going to change,” says Powell, who works with Denman Realty Group. “You can’t just put a sign in front and sell your home. It’s not like that now. Buyers are gone, investors are gone. It’s just normal people in Arizona buying homes.”
While the market has slowed from a frenzy that began in the spring of 2004, it must be put in perspective, real estate experts say.
“This is still an expanding market, minus the hype involved in it,” said Jay Butler, director of the Arizona Real Estate Center at Arizona State University Polytechnic.
Read the rest at the East Valley Tribune
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