News Article From: 08-14-2006
The third article, Home buyers reluctant about taking the plunge, from the East Valley Tribune, reports that home buyers have the upper hand in the Valley's real estate market, but industry watchers say most are reluctant to jump in and are instead waiting to see when values will bottom out. Put simply, buyers are scared. " There's a lot of negative information coming at them about the bubble bursting and the market falling," said Jan Montgomery, owner of Canyon Shadows Realty in Mesa. "Everything is all negative and they're taking that on themselves, thinking 'Maybe I shouldn't do anything. I should just wait until it settles.'" In the past few months, home builders and home sellers are finally starting to realize that their asking prices are too high and are cutting them. Listings are up considerably and prices have reached the tipping point in some sensitive areas, mostly on the outskirts. But housing analysts say now id the best time to buy a new home in the last two years with the large discounts that builders are giving. But resellers are facing a tougher time. According to local housing analyst RL Brown, "the best advice you can give to the seller of a resale home is now is the worst time you could sell unless you have to." "I don't think we're there yet in the resale market. We've got a lot of overpriced properties out there."