Great news for sellers and buyers alike! Despite the recent downturn in the economy, house prices are finally becoming more affordable.
According to a recent article by Brian Woolsey in Forbes.com some cities are still struggling with high prices and slow markets. Despite this, the Arizona housing market in Maricopa County is becoming more and more affordable. Mr. Woolsey states that the price drop can be seen in most areas of Maricopa county but is most significant in the exurbs of Phoenix. The price drop is most noticable in the median price range of homes for sale.
Anthony Sanders, a professor at Arizona State University in Tempe, states that "the decline in prices, particularly in typical entry-level neighborhoods, is generating an affordable climate for first time home buyers." He also goes on the say that "the downside is that affordable housing is typically on the rural fringe and is much less desired now that gas prices have rocketed."
The article goes on to say that low housing prices should eventually spread to the more urban areas of Maricopa County like Phoenix, Tempe and Scottsdale but for now still mainly stays to the exurbs. This is great news for everyone-espcially first time home buyers. Buyers can get a good price for their home and sellers should see more people coming through their homes and subsequently their home has a better chance of selling.