Housing Prices Continue to Drop in Phoenix and Nation-wide

The Phoenix real estate market has been up and down, but its more down than up now.There is good news for home buyers in the Phoenix area—home prices are continuing to decrease, down half a percent from February. Of course, this sounds like terrible news if you are trying to sell your home, especially if you bought it when home prices were at or near their peak. No matter what shoes you are in, you should take time to look at the current housing market before making your next real estate move.

Sales jumped during the past several months, partially due to the lower prices of homes and partially due to the home buyer tax credit. Now that the credit has ended, home sales have plummeted and sellers are dropping prices in an attempt to catch the eyes of the prospective home buyers still out there. Eventually the market will right itself if left alone, but it will take time.

In the meantime, foreclosures and short sales are increasing. Combine that with slow job growth, increasing unemployment in many areas and fields, and increasingly tight credit requirements. This combination is going to further drive down the value of homes in Arizona and other states. It’s a bargain hunter’s paradise, for sure.

What can you do if you are trying to sell your home in this frustrating market? How do you compete with the foreclosed house down the block? The same tips are tried and true no matter what state the market is in: good staging, fresh paint, decrease clutter, clean, clean, clean, and fix all those issues that might come up. Have someone with a fresh eye take a walk through your house as if they were a home buyer, then write down—and complete—everything they suggest.

If the continuing downturn of the Phoenix housing market has you in a sweat, or if you’re looking to take advantage of lower prices, call the Curtis Johnson team to help you. The Curtis Johnson Team is here to help when you are looking to buy or sell a home. You don’t need to go to the government for help. Instead, go to www.CurtisJohnsonRealty.com or call 1-888-Curtis-J.

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One Response to “Housing Prices Continue to Drop in Phoenix and Nation-wide”

  1. International Buyers of Arizona Properties Increasing « Curtis Johnson Realty's Blog Says:

    […] buyers are looking for bargains, as are many American buyers these days, but their buying power is greater on average. […]

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