"The Market Is About Where It Should Be..."

Valley housing market is still good, from the Arizona
Republic, reports that despite competition from a huge number of homes for
sale in the Phoenix area, real estate expert Jay Butler told Tempe leaders
Thursday that prices remain above the national average. "The market is about
where it should be and people don't like to hear that", the director of
Realty Studies at ASU said at the Tempe Chamber of Commerce lunch. The
median price of a home in the Phoenix area use to be about 90 percent of the
National Association of Realtors national median price, he said. Now, with
the run up in home prices, Phoenix's median price sits at about $260,000,
above the national median price of $219,000. Butler notes several problems
facing the market. Buyers can't afford as much because of the higher prices
and because skittish lenders have been tightening their loan guidelines.
Sellers can't or won't lower prices because they owe too much. and buyers
are having problems selling their own homes. "The problem is a lot of people
say this is a buyers market, but most buyers first have to be sellers." he
said.


http://www.azcentral.com/community/tempe/articles/0622tr-butler0623.html
<http://www.azcentral.com/community/tempe/articles/0622tr-butler0623.html>