Yes and no. Actually, it’s really hard to say. April sales of existing homes soared more then expected and that has brought a lot of new home to many cities around the country, Phoenix being one of them. Now we need to see if the tax credit created a false increase in sales.
I know my phone has continued to ring and by many people who think we are either at the bottom or hovering near it. Remember, you never know if we’ve hit bottom until we start to come out of it so timing the exact bottom is more than an art, it’s pure magic.
CCN.com had a full story about it today.
I continue to believe that with interest rates at record lows and the Feds keeping that way, we have some reasons to be optimistic that prices aren’t going much lower. I think prices can and probably will dip a bit more but not the double digit percentages we’ve seen over the past couple of years.
Downtown Phoenix continues to see low prices and many buyers. The light rail is now a year and a half old and more and more people are using it all the time. Many of my buyers are wanting to live within walking distance to the Light Rail so they can get out of their cars.
The Biltmore is another area that has many reasons to remain optimistic and popular. With the Central Valley location and just minutes from Downtown Phoenix, Downtown Scottsdale and Downtown Tempe, it’s a great location if you like to get around to all the great Urban areas of the Valley. Not to mention, it’s easy access to the 51 freeway get’s you around the valley much easier than many areas.
Check out all the great properties on RooPho Realty’s website and see why more and more people are moving to Urban Phoenix.