Bufford Warren Homes

Are You Timing The Market

In any down market the general public and the news media has a pessimistic attitude and keep waiting for the bottom. By the time that they wake up to the fact that the bottom of the market has been reached, it is on the way back up and the best buys are gone. I have been saying for the last three months that we are at or near the bottom of the market. No one can predict the exact time that a market reaches bottom, but I believe that we are close, probably within 2 to 5 percent.

The abundance of specs that builders had, has been sold down in the areas close to the Phoenix Metro core, even in Maricopa, 45 minutes South, many builders are very low on spec homes and some are sold out.

Interest rates are the best hat they have been since 2003. The rate for a 30 year fixed rate mortgage has been quoted this week at 5.25% to 5.625%.

The abundance of good quality homes at very attractive prices and interest rates that are very low make this the best time to purchase a home in many years.

Builder Specs 1/18/08

Lennar Homes @ Stetson Valley (51^st Ave. & Happy Valley)

 

Lot 153 Rembrandt 2298 sq. ft 4 bed/den/2.5 bath

Priced at: $289,990 After lender incentive: $249,990

   

   

lot 189 Sunset 1815 sq. ft. 3 bed/den/2 bath

Priced at $328,990 After lender incentive: $298,990

   

   

lot 185 Sundance 2806 sq. ft. 4 bed/3.5 bath

Priced at $366,990 After lender incentive: $311,990

   

   

lot 2254 Whitman 2751 sq. ft 3 bed/loft/den/3 bath

Priced at: $390,990 After lender incentive: $350,990

   

lot 2294 Carver 3084 sq. ft. 4 bed/2.5 bath

Priced at: $394,990 After lender incentive: $364,990

   

lot 47 LaSierra 2733 sq. ft. 3 bed/den/2.5 bath

Priced at: $435,990 After lender incentive: $395,990

   

   

lot 2161 San Gregorio 2878 sq. ft. 3 bed/2.5 bath

Priced at $452,990 After lender incentive: $392,990

 
lot 2160 San Miguel 3741 sq. ft. 4 bed/den/3 bath

Priced at: $485,990 After lender incentive: $400,990

   

lot 59 Kennilworth 4898 sq. ft. 4 bed/den/3 bath

Priced at $573,990 After lender incentive: $533,990

   

lot 6063 Grant 2598 sq. ft. 3 bed/den/2.5 bath

Priced at: $498,990 After lender incentive: $468,990

   

lot 6062 Huntington 2899 sq. ft. 4 bed/den/3 bath

Priced at: $542,990 After lender incentive: $477,990

T.W. Lewis @ Sonoran Foothills

 

Desert Trails:

 

 

12        Aria w/basement    4126 sf, 4 bdrm, 3-1/2 bath        $950,165    Immediately

 

7        Aria w/theater    3416 sf, 3 bdrm, 4 bath        $818,693    Immediately

 

 

 

Desert Springs:

102        Canto            3159 sf, 4 bdrm+den, 3-1/2 bath    $676,512    Immediately

 

86        Trabuco        3119 sf, 3 bdrm+den, 2-1/2 bath    $632,578    Immediately

 

75        Canto w/basement    4138 sf, 5 bdrm., 3-1/2 bath        $741,457    Immediately

 

78        Estilo            2842 sf, 4 bdrm, 2-1/2 bath        $604,167    Immediately

Many New Home Sold During Holidays

I have been very busy since the holidays. People are starting to see the opportunity that exists in today's home market. According to many analysts including the Real Estate Department at the Arizona State School of business the indicators all say that we have in all probability reached the bottom in our home market. They expect the market to be stable but soft for the rest of 2008 and a recovery to a normal market in the middle of 2009.

The new home sales since October have been very good and most of the builders in the north end of the valley have very few spec homes left especially in the close in areas. Sonoran Mountain Ranch, Boulder Mountain, and Stetson Valley all have very few if any specs. Last week Boulder Mountain at 67 avenue and Jomax had 2 specs and were selling their models. There is still a lot of new home inventory in the outlying areas.

The sale of the spec inventory will cut down on the amount of incentives that the builders have been giving in order to move their inventory. This will return more home buyers to the resale market.