Home values
Hello,
There was an article on AZ Central a couple of days ago reviewing home values for the Phoenix area. It compared values in the first quarter of this year to the last quarter of 2005. As we all know, values have been decreasing in many areas as the market corrects from the frenzy of the past couple of years. The article points out that there are still areas that are appreciating and doing it well. The hardest hit areas for depreciation are the suburbs on the fringes, such as Queen Creek and Buckeye. Here is a link to a chart that shows the appreciation or depreciation comparison for the two quarters by zip code. http://www.azcentral.com/news/articles/0629mls-maricopa-ON.html
The article stated some of what we have mentioned before. The market is not expected to crash, but you might see 5-10% deflation during the remainder of the year. Many people are waiting on the sidelines to buy, looking for that bottom point. Buyers should be cautious not to miss out though. The market will probably turn to the upside just as quickly as it turned down.
Adam Tarr, ePro
Sharon Kotula, ABR
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, AZ
480-483-3333
info@WeAreAZrealEstate.com