The big question for real estate professionals in 2009 is when the current Phoenix real estate market is going to hit the bottom? The reality is the Phoenix housing market has dropped 41% from the peak in June of 2006 to October 2008. Yes, 41%!
This question is challenging to answer because to predict the market exactly is more of an educated guess as opposed to a known fact. There are also numerous external factors that will help determine the course of the entire US housing industry in general that are still unknown.
The point here is, that the bottom of the Phoenix housing market will be attributed to a number of different variables that have to align properly for the market to start to recover. Here are some of those factors:
- Declining Number of Foreclosures
- Interest Rates Remain Low
- Improved Consumer Confidence
- Investors Back in the Market
- Buyers Get Off the Fence
- Positive Media Spin
- Ease of Financing Options
I have a poll going about when the Arizona real estate market is going to hit the bottom, in which you are welcome to express your thoughts.
