Finally, finally, the market seems to be turning around. Interest rates are down, I'm getting more calls from buyers locally and around the country, and sellers are pricing their homes more effectively. Offers are coming in 10% below asking prices, winter visitors are returning, and our inventory dipped from 57,867 on October 30 to 57,290 this morning. While it is way too soon to consider this a trend, as long as I have been keeping track of the numbers, not since 2004-2005 have the numbers "decreased." I will continue to monitor those numbers, but I think many buyers are taking advantage of Arizona's low, low prices (in the low 100's) and the recent drop in interest rates.
Buyers, please remember that all lenders are not alike! Please know that no matter how many good lenders or Realtors there are, there are many that are unscrupulous and dishonest. So many people are losing their homes because they purchased something they could not afford to begin with, and then when the interest rates went up, they end up in real trouble.
I feel like a mother hen when it comes to buying a home, especially for first time home buyers. Stay within your budget. Do not sign on for a home you can't afford. Remember, you will also be paying for repairs, for HOA fees, utilities, etc. Be sure you are working with honest and trustworthy and knowledgeable professionals. Buying a home is a HUGE investment. Protect your assets and buy wisely.
That said, if you need help listing or buying a home, feel free to contact me - Arizona's Lady in Red.