According to Michael Orr of Arizona State University WP Carey School of Business, at an ARMLS “Engage” Conference held yesterday in Phoenix, we will reach a balanced market in exactly 9 days. By balanced market he means neither a Buyer’s nor Seller’s market. As a statistician who tracks daily sails trends, he has noted the rise of homes entering the market as well as a greater number of homes remaining on the market for a longer time before going under contract. Adding to the mix a decrease of pending sales, due to Buyer’s being a little skittish from the recent government shut down, economic uncertainty and mortgage interest rates fluctuation.
Orr believes that our “balanced” market will be short lived and we will dip into a definite Buyer’s Market within just a few days, where we are more than likely going to remain through the end of the year and well into 2014. Whether or not the Arizona market will continue with that trend or take a turn towards a balanced market once more will depend on what happens with the national issues as well as possible increased demand as we progress into our “prime selling season”.
The good news, says Orr, is that our prices should continue to rise as there is a definite delay from a change in market conditions & trends and any reaction occurring in home prices.
So Sellers may want to wait until February to list their properties or be prepared to stay on the market a little longer than has been the trend in the recent past. Buyers….might be a great time to get into the market with less competition and lower prices than you might see a few months from now. Let me know how I can help….602-739-0095