Prescott Real Estate Listings

Interested in getting fresh and recent local listings delivered directly to your inbox as soon as they are listed? your privacy is our greatest concern and respect your privacy when sending out listings.

Prescott Az Home Equity and Effect on Local Market

Categories: Buyer Posted on March 21st, 2010

Often times buyers will ask me why in Prescott Arizona homes prices have not fallen as quickly as they have in Phoenix AZ area.  The short answer would be since there is a higher concentration of Prescott Arizona retirement homes and quite naturally there would be a larger equity position for the owners bringing their nest egg into the local Prescott real estate.

That fact is both good and bad for home buyers in our area. First, the buyer should be encouraged that our area has more real estate is purchased the old fashioned way: money down with some financing.  Second, most local retirees hold their real estate long term, adding stability to our market.

However, as buyers look for favorable pricing, so much of the inventory remains out of reach.  Consider someone that has a 40% equity position in their real estate.  It is unlikely they would take a capital loss unless they absolutely needed to exit their position.

Currently, most buyers are looking to bid on Prescott foreclosures as a way of entering the market in Prescott.  Bank owned homes tend to put pressure on regular sellers, therefore lower pricing.  Give me a call or email,Scott Baxter, broker, Realty 2000, 928-925-9334 for discussion and detail.  Always glad to help out.

Posted by Scott Baxter //

This entry was posted on Sunday, March 21st, 2010 at 10:03 pm and is filed under Buyer. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply