Market Conditions in Pinetop>Question Details

Scott, Both Buyer and Seller in Fresno, CA

how long till market starts to turn in the lakeside area of az?

Asked by Scott, Fresno, CA Thu Nov 6, 2008

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4
Hi Scott, You know it has turned around, the problem is the flavor of the month is homes under $200k and land is not seeing much activity no matter how low it is priced. We are clearly back on track with monthly escrows, the quality of the buyer is the problem, meaning their appetite for realistic pricing is diminished.
Buy now but wait to sell if you don't have to.
If you have to - be patient and consider how else you might sweeten the pot - furniture, home warranty paid by you, zero fixes for the buyer, etc.
0 votes Thank Flag Link Thu May 26, 2011
Hi Scott,
The answer to your question depends on whether you are a Buyer or Seller. If you are a Buyer, the market has never been this great; with the number of homes to choose from, extremely low interest rates, and sellers willing to negotiate. We are currently at 2002 prices. Even if prices decline a little more, your monthly payment with the low interest rates will be so low, that most people believe this is trully the bestime to buy. When interest rates rise, a decrease in price won't make as much difference the increase due to higher interest rates.

If you are a seller, we know based on the current inventory and the normal number of sales in our market, it will be 18 to 24 months before the market starts turning around. Remember, even though prices may still drop, if interest rates rise, your monthly payment will be much higher. So, it is better to buy now while interest rates are low.
0 votes Thank Flag Link Wed May 19, 2010
hi there, buyers are in control, there are a handful of regular sales meaning homes are selling for their pre-boom price (inflated), average time on the market here was always about 200 days, we are not to be confused with Phoenix or Flagstaff nor is 2006-2007 suppose to reflect realty reality. Once we are back to closing 3 transactions per month - hopefully by this fall - we are back to normal then.
0 votes Thank Flag Link Wed May 12, 2010
Market indicator say the market will turn around in 14-18 months but we will be five years before we get to the highs of 2007. Tax revnue will decline because of lower price homes and bank owned homes, and general land value reduction due a drastic change in speculation, contractor reduction, and poor, poor jobs stablity due to cycles in the market. We are due have a very slow winter season and expect more of the same for 2010. Good luck.
0 votes Thank Flag Link Wed Oct 7, 2009
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