Glen Creno of the Arizona Republic catches sight of The Mole:
That’s especially true these days in metropolitan Phoenix’s post-boom housing market, where nearly everything has reversed since last year’s frenzy. The number of homes for sale on the Arizona Regional Multiple Listing Service increased nearly four times from June 2005 to last month, when it hit a level nearly double what experts consider healthy. Last year, homes sold in about three weeks. Now, it’s about triple that.
Some of the post-boom market figures are closer to historic Valley norms, but many homeowners had their assumptions of what a house is worth and how quickly it should sell recalibrated by the buying craze.
If you can get your mind past the sad fact that the Republic has never heard of a year before last year, it’s actually a fun article about the added value Realtors can bring to their clients.
Technorati Tags: arizona, arizona real estate, phoenix, phoenix real estate, real estate, real estate marketing
PhoenixIs[redacted] says:
Phoenix is TOAST! Good luck you dumb ass flippers. Realtors are a joke. One week of training to become a realtor! How about 21 reasons to LOSE YOUR ASS IN PHX!!
July 30, 2006 — 8:13 am
Osman says:
Yeah, I thought it was a fun article too. Working with clients who are stressed out and unhappy is not a fun experience. When you have to fire a client because of misbehavior, it’s also a tough moment.
July 30, 2006 — 12:05 pm
Dave says:
Goldman Sachs on Housing Prices
The Business Online reports: Fears as US house prices to dip for the first time ever
HOUSE prices are set to drop in the US for the first time on record, US investment bank Goldman Sachs warned this weekend.
Prices in several segments of the market have already started to fall, and the overall market will move into the red even in nominal terms next year, fuelling fears that this will trigger a downturn in consumer spending and hit an already slowing US economy.
Jan Hatzius, economist at Goldman Sachs, said: “The risk is rising that nominal US home prices may be headed for an outright decline in 2007. It would be the first decline in national home prices ever recorded, at least in nominal terms.”
In real terms, prices have declined during several periods, including a 9% drop from 1979 to 1984.
July 31, 2006 — 4:38 am
Jeff Brown says:
I love the real estate bubbleheads. They live in their own world, happy in their newly edited dictionaries. Comparing real estate’s current climate to other real bubbles would be funny if not so sadly ignorant.
About five years ago when NASDAQ went from 5,000 to 2,000 faster than you could scream at your broker to sell – that was a bubble bursting. October 1929 was a bubble bursting. Alluding to a 9% price adjustment is embarrassing.
October 4, 2006 — 7:57 am