If you have been "sitting on the fence" waiting for the "bottom of the market" then you may have missed the boat if you are considering purchasing a home in Glendale Arizona (suburb of Phoenix).  According to the latest MLS statistics the pending homes sales (homes already under contract) in Glendale Arizona are DOUBLE if not TRIPLE of what we normally see.

In Surprise Arizona as of March 27, 2009 5:45am here are the numbers:

1,735 Active homes for sale
601    Pending (homes under contract)
279    Closed homes since March 1, 2009

There is the law of SUPPLY vs. DEMAND.  Because there are a lot of foreclosed homes in Glendale AZ, homes in my opinion are priced BELOW market value and are selling quickly. If you look at the absorption rate in Surprise AZ you will see that ACTIVE vs. PENDING only leaves a 2.8 months supply of homes on the market.  If you look at the absoption rate in Glendale AZ you will see ACTIVE vs. CLOSED leaves a 6.2 months supply of homes on the market.  What does this mean?  There are three types of markets:

0-3 Months Supply of homes is a SELLER'S MARKET
4-6 Months Supply of homes is a BALANCED MARKET
7+  Months Supply of homes is a BUYER'S MARKET

As you can see the "Buyer's Market" in Glendale AZ could be gone very soon!  Unfortunately some buyers have a "I'm waiting for the bottomw of the market" mentality.  The problem is that you will not know when the bottom of the market is until 90 days after it has happened.  Back in 2005 we didn't know where the top of the market was until nearly 6 months after it had passed.

 I recently talked to a small home builder and he said "We can't build homes for the prices that they are selling."  In other words it would cost more to buy the land and materials to build a home (this doesn't even include labor costs) than you can buy a home for today.

So if you have been "sitting on the fence" or "waiting for the bottom of the market" you may want to talk to a professional REALTOR who is helping people take advantage of the buyer's market before it is gone.  Remember most buyer's agents represent your best interest and work for no additional fee - all they ask for in return is your loyalty.  Happy home hunting!

FREE GLENDALE, AZ FORECLOSURE HOME LIST UPDATED DAILY
http://www.GlendaleAZRepos.com