I just read an article reflecting the news that Metro Phoenix home prices are down by 23% according to a July/Aug study. The little voice in my head wanted to scream DUH!
We are all in this mess together friends, whether you are trying to sell your home or investment homes you were looking to "flip" or as a buyer watching your loan restrictions tighten.
By the grace of God many of us don't have to worry about selling just now. However the news that the home 3 doors down from you just dropped over $70k overnight does tend to send a shiver, straight down your spine to your wallet. I currently have buyers that don't want to make a move until they think the market is at the bottom and I continue to tell them that no one has the crystal ball as to when that will happen! Meanwhile the sad misfortune of short sales and foreclosures continue to load the market and traditional owner/sellers clutch their chests and hope for the best!
We will all ride this out together, bumpy as the journey may be. Remember, we live in the Wild Wild West, we are made of stern stuff and come from hardy stock! My advice is that if you know of anyone even THINKING about buying a home, now is the time........someone needs to ride this bull and win the prize!
