Pinetop White Mountain Blog

All you hear on the news today is economic downturn, jobs lost, real estate market dead, etc. etc. etc.  The question is, how much of it is true?  The answer very simply is it depends on where you are located.  In some areas of the United States there are some real concerns.  However, here in Northeastern Arizona, our economy is still growing.  Granted it is a little slower than it was a couple of years ago and it may take some time for everything to catch up, but overall, progress is alive and well in this part of the Country.

The Real Estate Market has slowed down considerably but it isn't dead.  I recently put three of my listings in escrow and expect them to close very soon.  Property is selling as long as it is priced right for the current market conditions.  The huge profits of two or three years ago are gone and are unlikely to return anytime soon, if ever.  The reason is that prices simply went too high during the Buying Frenzy of 2003 -2005.  Everyone got caught up in the frenzy, and what we are hearing about on the news now is the fall-out from that frenzy.  During that time homes values were artificially inflated due to a lack of inventory, investors converged on many markets in the country and intentionally drove prices up so they could flip properties and make huge profits.  

So what is the truth?  If you bought your home in the past three or four years you may be even on your equity or in some cases have lost a little bit of it.  It will take time for you to gain that back, but if you can hold on for a few years, you will recover. On the opposite of the coin, if you have owned your home for quite a while and are ready to make a change, you can still sell your home with a reasonable amount of profit in today's market.  You will not see 100% against your original value that we were seeing a few years ago.  But, you will be able to come out of your sale with enough profit to reinvest in another property or move to another location. 

For Buyers, this is still a good time to buy a home.  Prices are down, interest rates are still good as long as your credit scores are decent (600 or higher), and the inventory of homes is huge.  You will want to be sure you are well represented by an Agent who will help you get in to a home that is affordable and that will hold it's value for the next few years.  You will want to be prepared with a pre-approval in hand before you make an offer on a property.  And, if you have a house to sell, wait until you have your home at least in escrow before trying to buy something else.  Sellers will not even consider a contingency contract these days unless they are pretty certain that sale is going to close. 

Whether you are a seller or buyer, we can help you with your Real Estate needs.  We know our local market and we can help you make decisions that will work for you over the long haul.  Remember, our motto says it all----

"WE WORK FOR YOU!"

Sandra & Bruce Paulow, REALTORS®

RE/MAX Pine Country Realty in Show Low, Arizona.

Give us a call and see how we can help!

(928) 537-9001