The average home in Maricopa is taking more than 106 days to sell, compared to less than half the time last year, resale expert Dayv Morgan of Maricopa said in reviewing September sales figures.
More than 100 homes sold and more than 100 were pending in July, August and September,” Morgan said.
“Sellers seem to be nervous when their home does not sell in the first few weeks, but three months is not very long, said Morgan, owner/Realtor with the Maricopa office of HomeSmart, the largest brokerage in Arizona. “Back 2006, they were not selling at all. It does feel a little slow compared to a year ago.”
Morgan said 135 Maricopa home sales closed in July, 100 in August and 111 in September.
Nationally, existing home sales were at their highest pace of the year in September, according to the National Association of Realtors. But the trend was quieter in Maricopa.
“New homes have done better,” said Amy Jo Schoeberl of Province Active Adult Homes in Maricopa. “You can buy a new home for the same or less than an old one.
“Chandler, Ahwatukee and Tempe seem to be doing better in resales. We have slowed in our re-sales.”
Schoeberl said the winter season should help.
“We see an uptick in activity November through April,” she said.
The National Association for Realtors said improved demand carried over nationwide from spring into fall.
“Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline,” NAR Chief Economist Lawrence Yun said. “Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face a slight decline in choices due to the fact that inventory generally falls heading into the winter.”
Schoeberl said lower interest rates and improved credit scores have helped in the wake of the recession that hit the market starting in 2006.
“So many people have done damage to their credit in the past,” she said. “But now, we’re finding people have gone through the wave. They can move past things like short sales or foreclosures.
“Sometimes, people with a foreclosure can get a loan after two years. And we’re seeing interest rates in the low 4-percent range for 30-year fixed mortgages. People with credit scores in mid-600s can get a good loan.”
According to Freddie Mac, the average rate for conventional, fixed-rate mortgage rose to 4.16 percent in September from 4.12 percent in August.
Schoeberl said more than 75 percent of her customers paid with cash less than three years ago.
“I would say, 35 out of 40 homes were cash sales then,” she said. “Now everyone’s getting a loan, using their extra money for other things they want.”
