Market Conditions in Phoenix>Question Details

Jeanie Valen…, Home Buyer in Clarkdale, AZ

Are the selling prices going up or down in this area?

Asked by Jeanie Valentine, Clarkdale, AZ Mon Apr 9, 2012

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James McGiffert’s answer
Echoing the sentiments of the other Realtor who answered this question, prices in most of the Phoenix metro area have been going up primarily because of the low inventories and high demand which has created the situation of many properties getting multiple bids on them.

The danger for buyers is the appraisers lagging behind these new values and not coming in with appraisals that equal the bid prices since they are still going by older sold data.

The truth of the matter is that home prices in general here had fallen so much that in many areas homes were selling for less than the actual "brick and mortar" cost to build that home. That situation had to change and maybe now we will slowly get values back to where they should have been if you wiped out that period of time when insanity reigned supreme in the real estate world! :-)
1 vote Thank Flag Link Tue Apr 10, 2012
I agree James the appraisers sure seem to be lagging behind
Flag Tue Apr 10, 2012
Are you asking about the Phoenix area, a specific suburb, or Clarkdale? Certainly the prices in the Phoenix Metro area are on their way up although how much varies from one area to another. According to The Cromford Report the prices in the valley overall have been going up by 1% a week since January 1, 2012. This is fueled by competition for the decent homes on the market and fewer homes coming onto the market.
0 votes Thank Flag Link Sat Apr 14, 2012
Prices are going up! Supply is down demand is up and this drives the market into bidding wars.

Call Lori Hicks & Toni D'Avello
HomeSmart
602-375-1075
0 votes Thank Flag Link Sat Apr 14, 2012
Prices are going up in Phoenix/Scottsdale year over year and even the first quarter of this year. Scottsdale prices were up 4.9% and Phoenix prices were up just below this. In the lower price ranges were are experienacing multiple offers.
0 votes Thank Flag Link Sat Apr 14, 2012
Phoenix metro prices have gone up 10% over the same time last year. My colleagues have covered this pretty well. We do expect that as cash deals, which do not require appraisals, continue to close at higher prices, appraisers will catch up on more accurate "sold" prices.

If you are considering selling, this is the best time we've had in quite a few years. If you are considering buying, be prepared for a lot of hard work, and be sure to work with a good Realtor!

Best of luck,
Ann Griffin
Prudential Arizona Properties
480-789-9584
0 votes Thank Flag Link Tue Apr 10, 2012
Prices are definitely move in an upward direction in most areas. Since the majority of our transactions are short sales, we have been seeing dramatic price increases from the banks. The lawsuit against the major players by the states slowed the foreclosure pipeline and resulted in lowering inventories. Less inventory and same number of people vying for properties results in prices increasing.

The question is whether these prices will hold. Banks are starting the foreclosure process again now that they have reached a settlement with the lawsuit and there are indications that credit standards may loosen. The impact on prices could cancel each other. While more foreclosures will increase inventory, having more people be able to qualify for loans may increase demand.

If you are inquiring specifically about where you live in Clarkdale, you should contact a realtor who works full time in your city. Most Realtors are happy to provide a free market analysis of your property. If you would like to complete the information at the link below on your property, I would be happy to help you find a competent realtor to help you determine what your property is worth.
0 votes Thank Flag Link Tue Apr 10, 2012
If you are interested in the Phoenix area, we have been appreciating since November but are generally down compared with a year ago. However, there are quite a few pockets that have seen prices rise since last year. I would be happy to show you numbers for a specific area compared to last year and give you actual numbers for your requested area versus generic valley-wide information which may not apply to where you are searching.

Any price rises are due to lack of inventory, which is directly due to lack of REO inventory. Keep in mind that we are expecting an influx of REO homes in the next 6-9 months which may negatively impact pricing levels. Many lenders have put the breaks on foreclosures for the next 3-6 months due to the recent DOJ settlement.
0 votes Thank Flag Link Tue Apr 10, 2012
Supply is down and demand is up! This drives the prices higher in the market.

Kindest Regards,
Lori Hicks & Toni D'Avello
HomeSmart Real Estate
0 votes Thank Flag Link Mon Apr 9, 2012
In Maricopa County it is hard to find an area where the prices haven't moved up over the last few months. Not sure which area you are asking about.
Regards,
Lorrie
0 votes Thank Flag Link Mon Apr 9, 2012
In which area are you inquiring??
0 votes Thank Flag Link Mon Apr 9, 2012
Hi Jeanie,
Which area are you talking about? Prices are up by double digit appreciation, up to 33% in outlying areas. Please visit my website and check out the blog tab for more information. I will be happy to share the recent stats from this week with you privately.
http://www.RealEstateByJennifer.com
Sincerely,
Jennifer Ferguson
0 votes Thank Flag Link Mon Apr 9, 2012
Jeanie --- your question seems to be posting in the Phx market area even though you are up North of us! Overall in the Valley, we are starting to see an increase in prices. Agents I have spoken to recently in Flagstaff said they are starting to see a slight increase over there, but I do not know how that impacts your particular area. Good Luck, Melissa
0 votes Thank Flag Link Mon Apr 9, 2012
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