When buying Phoenix real estate it is very important to also know a little about the Phoenix market. Part of buying houses is doing some due diligence. This includes considering the neighborhood, the area and the vicinity and the whole thing as it is linked to your way of life and job. Next you also should check out the property, do an inspection, check the title report to be certain title is clean.
With the required groundwork items above you must also know the way the Phoenix housing market is performing. Some of the basics that you really should know are. Inventory or how many homes are for sale and how many are selling. This will tell you how quickly these are being absorbed. The normal balance in the Phoenix housing market is about 4 months, nevertheless it depends also on the express segment. The higher priced the segment the more months or inventory are standard.
You also need to know what the sales price to list price ratio is. This could tell you the general market discount or what proportion of the price are people paying. Keep under consideration that it could be over 100% if it's a hot market.
What's the overall trend. What is the median and average price. This will tell you which way price may be heading. Are they going up, steady or still declining. Additionally you should know the seasonal trends in Phoenix. When do sales top in the year, when are they the smallest and why.
The why is significant because luxury houses, condos and bread and butter houses all follow their own trends because they attract different folk. Phoenix pulls lots of snow birds, many from Canada and the properties Canadians buy will be dissimilar to what a common family will obtain. That's why the top of sales is in the early summer when families like to move because school is out. Luxury houses in towns like Paradise Valley have a fairly stable sales trend throughout the entire year.
Almost all segments have a dip in Jan and February as a result of the very slow for real estate vacation season towards the end of the year. Why are sales lowest in January then? Because it takes 30-45 days from contract to sales.
About the Author:
inPhoenix Realty Group is a bunch of experienced Realtors in Bigger Phoenix. They provide in depth Phoenix housing reports including information, graphs and research as well as opinions about what is happening with Phoenix real estate listings and sales.
No comments:
Post a Comment