PHOENIX — There’s some bad news if you’re trying to sell your home. According to a new report from ASU, the Valley housing market is stuck in neutral.
“The market has gone pretty quiet compared with the previous two years,” said Mike Orr, director of the Center for Real Estate Theory and Practice at the W.P. Carey School of Business.
According to the report, Phoenix-area home prices have been increasing since they hit a low point in September 2011, but have recently slowed.
The median price for a single-family home went up 23 percent from November 2012 to this past November. During the same period, however, sales of single-family homes dropped 27 percent.
The number of completed foreclosures also fell 50 percent, with many homes reverting back to the bank instead of being sold at auction.
Orr said many potential home buyers and investors in Arizona were reluctant to commit, possibly because of the government shutdown and the threat of the U.S. defaulting on its credit.
The number of residential properties being purchased by investors was at 20.2 percent, down from the peak of 39.7 percent in July of 2012.
“If prices are going up then investors are more likely to shop elsewhere,” said Orr. “Many of them are not confined to just Phoenix, so they’ll go to another area where there’s more supply and competition.”
In a neutral housing market, Orr said proper marketing is crucial for sellers to be successful. He recommends consulting an experienced realtor who can give advice on what buyers are looking for.
“Many people find it very difficult to see their home through someone else’s eyes,” he said.
The Phoenix housing market has historically been unpredictable, but Orr said things could pick up again in 2014.
- Stretches and exercises for carpal tunnel syndrome
- The best Major League ballparks have their own personality
- Comparing the best regular seasons: The '96 Bulls and '16 Warriors
- 3 Arizona road trips and the vehicles to get you there
- Colon cancer is preventable. Check these signs and symptoms to stay healthy.
- 6 of the biggest skin cancer myths
- Affordable small home makeover ideas
- Locals helping locals: 6 success stories you need to know about
- Sunscreen facts that could save your life
- 6 energy saving hacks for your home
- 5 tips for choosing a company to end your timeshare
- Overlooked water tips to save you money
- 5 of the most adored gentlemen in professional sports today
- The real danger of sitting at your desk
- Most surprising NBA playoff performances of the last 40 years
- 11 classic baseball movies you must see again
- Finally getting rid of fat: 3 methods that actually work
- 4 reasons cancer survivors should focus on food
- 5 spring cleaning spots everyone forgets
- 5 reasons to look forward to watching the D-backs this season
- Common virus attributed to spike in head and neck cancers
- 5 signs it’s time to end your timeshare ownership
- 3 most overlooked ways to keep your home healthy
- 6 ways the air in your home could be making you sick
- CrossFit dangers: 5 common injuries and how to deal with them
- Today's radiation treatments offer better success, fewer side effects
- Tips to make watching TV on the patio even better
- What really happens when you donate to a community college?
- Sun and skin cancer: Separating fact from fiction
- 5 critical lifestyle changes for a healthy colon