Prescott Arizona Real Estate Urgency Update

Real Estate traffic and sales have been very slow for 2 years but I heard the first piece of good news in a long time. Phoenix is always ahead of Prescott as far as market forces taking hold, we are always months behind as the market cycles. So, the last two years there has been an absence of buyers, everyone is very cautiously waiting in the wings in Phoenix, Prescott, and most of the country. More and more foreclosures and short sales just sitting on the market, nobody buying or even making absurdly low offers.

Yesterday I heard from my realtor friend whose company is based in Phoenix and lately there are multiple offers on these distressed sales, coming in above the asking price (which is still very low mind you). This will need to continue for a while to verify a market shift but the odds are good that investors and brave folks have decided that prices are low enough (along with interest rates) to make the big jump. I doubt that our Prescott market will repeat the huge 100% jump we had from 04 to 06 but there may be a small frenzy of buying and some supply and demand correction (people will take their houses off the market to wait for a better price… good old fashioned greed) as the market shifts.

There is a rumor that interest rates will go way up as the market kicks in thanks to some political forces that favor inflation. So, those of you who are watching from the wings may want to consider that now is a good time to pounce. Residential homes and land prices are way down from the 2006 market peak and there is a huge inventory to shop. Be in touch and live it right up!

There is a powerful search engine on my website www.craigmann.net if moving to Prescott is on your list of stunning places to consider moving your life. Pay attention, work hard, and by all means live it up!