I think I just need to stop reading the housing reports that come out every month. They’re nothing but depressing. This week CNN reported that “existing home sales sank 8 percent last month, to the lowest pace on record” and that “the slump pushed the glut of existing homes on the market to 4.4 million, which represents a 10.5 month supply – the biggest in 12 years.” Ugh… what times we live in right now. The New York market certainly fits that bill, but I wonder if it’s this bad everywhere. I wonder if the Arizona real estate market is any better, for example — I mean, it’s one of those areas that has been seeing a population surge over the past several years as more people decide to retire there instead of, say, Florida. Let’s just hope it turns around soon.
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It’s not much better here in AZ, although things do sell…..just very, very slowly. There was a time about 2-3 years ago when we could have sold our home for almost $450k (we built it in 1999 for $175k) Now, our model is re-selling at around $350k if you’re lucky. Crazy.
We were thinking about buying a bigger home in our community, but ultimately decided that there was just no way we’d sell our house and we’re in the process of adding an addition. There’s plenty on the market right now and it’s totally a buyer’s market. We also own 4 rental properties here and we never have trouble finding renters these days….which is good for us, but bad if we ever need to sell for some reason.
I know the news stinks for you guys trying to sell, but for potential buyers like Ben and me the news is great because it means the prices in this overly inflated market are going to come down. The market has cooled in DC…not as much as in your area, but places that used to sell in a matter of days are now on the market for weeks or months. We’re hoping that prices will have come down enough for us to buy this coming spring. I’m holding good thoughts for you, though, that your house sells soon.