There's been a lot of talk about the Phoenix Real Estate Market. Things are starting to settle into a routine, and all of the statistics show that we've transitioned into a buyer's market.
One of the things that I find interesting in all of this is the number of non-distressed sales. The pie chart above shows that in February 2014, REO and Short Sales only accounted for 14% of the overall sales in the Phoenix Market.
So with all of the talk about a "Buyer's Market" hitting the papers, why do I think this is such a great time for sellers?
We're seeing the market level out. Now that the distressed sales have gone down, we're seeing a more accurate market-value reflected in the prices of sold homes. This gives appraisers a better feel for what a home is actually worth. Of course, there are still neighborhoods that have a skewed value due to a high number of distressed sales. But there are ways for us to appeal appraisals in neighborhoods that have that stigma.
Overall, the Phoenix Real Estate Market is a great place to buy or sell right now!
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