The answer to your question is yes and no. Prescott has a strong cash not credit market. We are seeing pricing changes all over the country and Prescott is no different.
The best priced homes are being sold quickly (4-5) offers. So if you are looking now is the time to be in touch with a Buyerâ€™s agent.
Prices might change but unless you are buying with cash you might not get the deal you are waiting for. The cost of money and interest rates are going up and down like gas prices. As you well know the price of gas settles higher every month. Rates are doing the same thing also. I found a breakdown of for loans that is really interesting http://activerain.com/blogsview/302180/FANNIE-AND-FREDDIE-RE
Shelly is the one you need to talk to about this.
All in all if you wait for the bottom of the market you will miss it.
Here is a current look at PAAR MLS for the Greater Prescott Region.
Average in the past few weeks is 80 Listings New 10 sold 25 expired a day.
31 Business Opportunity
3729 Vacant Land
http://www.ThePrescottMLS.com to search all of these by subdivision.
Yes paper losses, like a few of my properties are not worth the same as they were 24 months ago, but that is not what I paid for them and I am still way up on my profits. There are always sweet deals to be had. What you need 1. be ready. 2. don't be in a hurry 3. Partner up with the pros. The really great deals are out there and can you buy a house at $$$ big dollars as a saving absolutly!! But they go really quick when the public finds out about them. Like a day or two (thats why #1) they are few and far between sometimes ( that's why #2) and the full time busy agents really have a feel for the market and know who is doing what full time working for you,. (that is why #3) And of course someone who can get you ready ##1 that would be me. I invite you to call and lets get the basics going 928-899-7293 Shelly