Wednesday, October 12, 2005

Phoenix Area May Be Peaking

Just spoke with my real estate agent this morning (who is still having a hard time believing we finally closed!) about the general housing outlook in Phoenix. There are currently over 18,000 active listings in the MLS. A few weeks ago, there were 15,000. Time on market is also increasing. In other words, the seller's market is disappearing here, so be careful when buying properties in this area. Also, beware of comps - any high comps you find might be from the peak of the market.

I should also mention that her husband is a principle at, a company that buys and resells foreclosures. His business is picking up after being down for about 8 months, so more foreclosures are happening.

Opportunities are starting to present themselves to those who can see them. Remember: you make your money when you buy, not when you sell!

In other news, I called my bank to check on the status of the wire transfer and was told their computers were down. They will call me back when they are up.

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