Today’s Arizona Republic quoted Associated Press,saying,"Prices are expected to bounce back next year…". This is good news to the current owners and sellers of homes in Sun City,Sun City West and Surprise Arizona. The days to sell have also started to drop.
Existing home sales prices are expected to gain 1.8% in 2008.
In addition,the Mortgage Bankers Association,in its June survey,announced that total new home loan applications increased 1.1% last week. This is a leading indicator of home buyer activity. To me it says that potential home buyers are confident we are at or very near the bottom of the price adjustment the resale housing market has experienced over the last two years. This price adjustment was necessary after the super-heated appreciation in 2004-2005.
To summarize,it is my opinion the bottom is now. The time to buy is now. There don’t seem to be any economic reasons to delay your new home purchase if you were waiting for prices to go down.
To view the original Republic article,http://www.azcentral.com/business/articles/0711biz-homeprices11-ON.html
To view the original MBA report,click here:
Jim Little,Your Sun City Realtor
http://jclittle.com/
Ken Meade Realty
17001 N Del Webb Blvd
Sun City AZ 85373
800-877-1776
623-977-1776
By the way…if you know someone who is interested in buying or selling real estate,please call me with their name and phone number. Thank you!
See my other blog at:http://activerain.com/blogs/jlittle