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Residential Real Estate In 2008 - Arizona

2007 ended with 55,000 resale homes and condominiums on the market which is a supply in excess of 14 months. Home builders are still offering bargains in the way of price discounts and interest rate by downs. Foreclosures have increased almost every month in 2007.

With this base mark, what can we expect in 2008?

First, we must face the facts and act accordingly. Homes are not going to sell at the same high prices that they sold for at the end of 2005 and 2006. Buyers are still looking in our neighborhoods, but they are being very selective as far as the price and condition of the home. Through November of 2007 there were over 47,000 resale homes sold in the Valley. During the past several months we have noticed an increase of potential buyers coming through our open houses.

Here is what we have to do to prepare a home for sale in 2008.

· A price analysis should be completed. This includes looking at the original purchase price of the home, the improvements made to the home, the equity that is currently in the home, and what the proceeds of the home will be used for. Then a complete, realistic market price must be determined that will attract buyers.

· The second phase is the home preparation. That includes proper home staging, inside and out, (Jen is a certified home stager), plus having the tools in the home for buyers which includes the following: home book, floor plan, virtual tours, home information, neighborhood value analysis and area future growth.

· The final phase is traffic generation; in today's market we use a combination of old fashioned basic methods as well as all the high tech tools we can find. We continuously work hard on this aspect of our service and will provide details to you at the time we visit about the sale of your home.

Jen and I are excited about 2008. We are looking forward to a lot of hard work which we know will result in successful sales of our clients’ homes.

Now, more then ever, our 35 plus years of full time real estate experience in this neighborhood has well equipped us to serve our neighbors.

Nick and Jen can be reached at 480-991-0118