Arizona State University released data for the month of November showing that metropolitan Phoenix home prices declined for another month with the annual rate increasing to a negative 7 percent since 2009. The data trends and opinion of researches at ASU depict continued opportunities in residential real estate for buyers who have been waiting.
Almost all levels and types of housing products in Phoenix have seen recent price declines: foreclosures declined 11 percent so far this year from November of 2009, traditional resales saw a decline of between 9 to 13 percent since early 2010, and even entry level housing has declined by 8% since November of 2009. This all translates into enormous opportunities for prospective buyers out there. When you consider that average 30-year mortgage rates are still the lowest on record despite recent weekly upticks, the affordability of buying a home is unprecedented. These declines represent a recent trend, yes, as compared to the data trend earlier this year and into the spring/ summer season. Declines are common though during the slower season of the real estate cycle and are nowhere near the declines seen in 2008 and 2009 when prices declined 32 and 17 percent respectively.
Depending on the type of home (condominium, townhome, single family) the pricing can differ significantly by month and even weeks, this can be confusing for prospective home buyers. There is a lot of real estate data and sensationalized media reports on the internet now that can obscure buyer’s ambitions to purchase a home, even more so for buyers who are not versed in the home buying process. Agents with Occassio Realty are educated with the latest accurate data to evaluate the pricing conditions of every type of real estate property in the metropolitan Phoenix market, the sources of this data are not only highly reliable but updated regularly in a timely manner.
If you’re a prospective buyer you should carefully verify your sources of data on the internet when conducting research.
Sometimes sensationalized news stories are only depicting a certain segment of real estate or possibly a small seasonal fluctuation in market conditions that when compared on a year-to-year scale seem very minuscule. Buyers should also check for the source of data, is it coming from a reputable institution, or a well-known professional source, is it stagnate data captured only once a year? Reputable data will typically have a cited source, where upon your own desire, you can check the raw data for accuracy.
If you have conducted homework as a buyer it’s best to talk to an experienced agent to verify facts and discuss concerns and/ or questions. Call us at Occasio Realty today to schedule an appointment, we have great resources to supplement and assist you in your home buying process.
“Buyers should also check for the source of data, is it coming from a reputable institution, or a well-known professional source, is it stagnate data captured only once a year? Reputable data will typically have a cited source, where upon your own desire, you can check the raw data for accuracy” – This is a must for all home buyers. I suggest of not doing things on your own, seek the help of professionals in the this area. They can provide you with all the advice you need for buying.