Real Estate and the New Year Prediction

Happy New Year!! I wanted to share with you the latest predictions for 2011 from the Association of Realtors for our region, Region 2..

Region Two
Phoenix, West Maricopa County Regional
Region Two, consisting of Phoenix and the West Valley up to and including Wickenburg, has had a tough year. We are still moving through a large amount of REO properties, and the market has been top heavy with short sales. Once the tax credit expired, the market calmed for a month or two but seems to be coming back. The buyers are still buying, especially investors. First-time homebuyers are, once again, having difficulty getting an accepted contract due to bidding wars on lesser-priced properties. This will be reflected in price stabilization in certain neighborhoods. We are hoping to see some of these areas switch into more of a buyer’s market after the first of the year.

We have experienced a year similar to the one described in the summary. There is a lot of competition for low priced and exceptional homes. Short Sales are still running the market, followed closely by REO (lender owned properties). We still will have a steady stream of foreclosure and short sale inventory thru 2011 based on the number of Notice of Trustee Sale notices that are being recorded at the county offices.

Buyers are capitalizing on the low prices and low interest rates. If you are thinking of upsizing or downsizing, 2011 is the year to do it. If you are experiencing financial distress, please call us. We will be able to go over your options with you so you can make the choice that is best for your family.

Greet the New Year with a hopeful heart and be confident that you will make 2011 your best year yet.

Happy New Year!

Mary & Mike Drefs
Keller Williams Realty Professional Partners
623-694-0354 Mary
marydrefs@cox.net
623-693-1505 Mike
mikedrefs@cox.net
Top Agent 2001, 2002, 2003 & 2004
Top Team 2005, 2006, 2007 & 2008!!