It’s true. Yes, really it is. Las Sendas area home inventory levels are low.
What do I mean by that, you ask? Well, it simply means there isn’t a great deal of property on the market for sale in this area. It’s shocking news for a lot of buyers looking to take advantage of the soft market. Some who find themselves now looking to pick up the perfect or ideal home at record low prices are finding it difficult to do so at present.
In the last year, active listings in the Northeast Mesa area have dropped anywhere from 25 percent to 50 percent (depending on the zip code you choose to investigate), creating an interesting situation for buyers, as you can imagine.
Deals on homes like this one may soon be a thing of the past.
For many real estate brokers, including myself, we see this creating a classic supply and demand scenario. As I am sure you know, when demand is constant, as it has been in Las Sendas, and a constraint is put on supply like low available inventory, prices are affected. The effect in this case is that I see prices bottoming and potentially turning the corner.
This is not good news for fence-sitters waiting for a good deal or the perfect home!
Unless…those same fence-sitters don’t mind paying up for the same house going forward.
This price action can almost be guaranteed when supply is constrained as it is now. Does that mean the national markets are bottoming and in turnaround mode? No, I’m not arguing that. You have to remember real estate markets are largely a local phenomenon. I am simply arguing the fact the current state in Las Sendas is pointing to a bottom and potential turnaround unless and until more sellers decide to list their homes.
But here’s the catch 22. If prices are stabilizing and homeowners see they can hold their properties and eek out a few extra dollars by selling at some point in the future, they may decide to do just that! Then, you have a market that becomes self-actualizing. That is to say sellers who may be considering listing their home may decide to wait due to the lure of a bigger payday upon evidence a higher price can be attained in the near future. This, of course, would lower inventory that much more and begin to push prices a bit.
I certainly don’t have a crystal ball, but if I were looking to buy a Las Sendas home today, I wouldn’t wait around.
Just give me a quick call if you have questions. I look forward to speaking with you. Call direct at (602) 618-9512, or call the office at (480) 355-4700. Send an e-mail to ronbrown@trailsandpaths.com. You also can visit the Web site at www.TrailsAndPaths.com.