Categorized | Residential

Analysts Unsure about Phoenix Real Estate Market

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In general, analysts usually have a pretty good idea as to the state of the local real estate markets. They are able to evaluate its condition based upon sales, values, mortgage loans, and even the general attitude of people living within the area. In the case of Phoenix, Arizona, however, there is more uncertainty than ever. Due to that uncertainty, analysts simply have no idea as to whether or not the real estate market is improving, or if it is remaining stagnant in its depressed state.

Phoenix once had an insurmountable amount of foreclosures that literally crippled the market. Fortunately for the city, the number of foreclosures has dropped dramatically. According to analysts, a decline in foreclosures usually coincides with increased sales and prices. However, Phoenix has not seen such an increase, as prices remain stagnant, and homes continue to sit on the market.

Local residents are providing a mixed bag as well, too, which further throws off real estate analysts in the area. Many residents claim that the job market in Phoenix is absolutely abysmal. They believe that the housing market will continue its struggles until something is done to improve the job outlook. While some say it’s a great time to buy a home in Phoenix, others are strongly against the idea, as they believe the city still hasn’t yet hit rock bottom.

On the other hand, there are reports that houses are being purchased as soon as they become available in some cases. People are showing interest and placing bids on homes only to find out that they have already been sold. While the tightened lending standards of the banks have made getting a mortgage loan increasingly difficult, some are reporting that buyers are using cold hard cash to make their housing purchases.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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