Featured Community: Adora Trails

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The only thing consistent about The Phoenix-area housing market the last few years has been inconsistency. Phoenix was one of the hardest hit cities in American when the housing bubble collapsed. It was also one of the quickest housing markets to rebound. All of the volatility in the Southeast Valley housing market has had many residents asking what will be the next dramatic shift in the housing market. Well according to Troy Reeves and “The Reeves Team” it appears the Phoenix area housing market may be starting its slow march back to normal.

As the year’s peak home buying season comes to a close, the market is showing signs of stabilizing, suggesting that the rise in home values in the near future will likely be driven by market demand, rather than inventory shortages.

Phoenix Area Highlights:

Widespread Inventory Recovery - The inventory recovery is broad and growing.  The number of listings increased even though the summer season is ending, and the market registered a net increase in inventory over last month.

Prices Stabilize - Despite the increase in inventories, the median list price did not change compared to July. Absent a significant weakening in economic conditions or significantly higher rates, prices should continue to slowly rise alongside typical cost of living increases.
Sales Prices Are More Dependable –  August marked the third consecutive month that sales prices in the Phoenix area, covered by the Arizona MLS, registered at over 97% of there list price.  This marks a sharp increase from the begging of this year, when volatility in the market made it much tougher to price a home.

Troy Reeves accurately predicted that home values would rise significantly during the first half of the year and then ease after the upward pricing pressure of the summer months. However the upward pressure is likely to return after a short break once the snowbirds return in a few short weeks.

A benefit of housing inventory and price fluctuation returning to normal levels is that buyers will now have more of a selection to choose from. Many buyers who were turned off by the bidding wars and low inventory will now re-emerge as potential buyers.

According to Troy Reeves, the Phoenix Area market appears to be ending the 2013 home buying season on a positive note, with more balanced inventories, shorter time on market, and higher listing prices compared to one year ago.

So what do you think? Are you ready to see a return to normalcy in the Phoenix Area Housing Market? Leave your thoughts in the comment section below.

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Pool time is fast approaching!

April 23, 2014

Do your pool tiles look like the ones in this photo? Have you noticed your utility bills going up? Now is the time for you to get your pool looking good and running well before the temperatures get to hot and before pool season starts. If you have started noticing that your utility bills have […]

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Gilbert Homeowners – Temps are rising

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Arizona Balloon Classic

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The Reeves Team was proud to bring one of the most recognized corporate symbols on the planet to the Arizona Balloon Classic. At seven stories tall, the RE/MAX Hot Air Balloon grabs attention wherever it goes. This year The Reeves Team Sponsored the third Annual event held in Gilbert Arizona. The Re/Max Balloon grabs attention wherever […]

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Academy Mortgage Offers Solutions When Looking To Purchase A Home

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     It is the mission of Academy Mortgage to deliver the dream of sustainable homeownership to as many homebuyers as possible. With our new lower FICO score requirements for FHA 30-Year Fixed-Rate Loans, we are helping homebuyers with credit challenges to achieve this dream.  Program Benefits: 30-year, fixed-rate home loans insured by the Federal Housing […]

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Spring is in the Air… Spring Training that is!

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With spring training games happening all over the valley we at The Reeves Team are sure you have seen more out of state visitors and baseball fans out and about.  Spring training has been part of the valley since 1947 with just two teams.  Today, there are 15 teams that use the Phoenix metro area […]

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What do these February charts mean?

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Basically it comes down to the supply and demand theory of economics. Currently we are experiencing an increase in supply of homes on the market and a decrease in number of homes being sold on a monthly basis. This is currently resulting in a flattening out of market prices. Should this trend continue we can […]

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Believe It! Data Shows Selling a Home in Winter Pays Off

January 26, 2014

If you’re waiting until spring to put your home on the market, you’re going to want to take a look at these numbers. Data of homes listed from March 22, 2011 through March 21, 2013 was analyzed by Redfin, and they found that those homes listed in winter have a 9 percentage point greater likelihood […]

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Gilbert Arizona Ranked Second Safest City In U.S.

December 2, 2013

GILBERT, AZ – Two cities in Arizona were named among the top five safest cities in the United States, according to Law Street Media. Using information from the Federal Bureau of Investigation’s Uniform Crime Report Statistics in 2013, the City of Gilbert was found to have “a very efficient policing system,” according to a Monday […]

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The Reeves Team Sponsoring The Arizona Balloon Classic

November 20, 2013

It’s one of the most recognized corporate symbols on the planet, and understandably so. At seven stories tall, the RE/MAX Hot Air Balloon grabs attention wherever it goes. This year The Reeves Team is proud to bring the iconic balloon to the 2013 Arizona Balloon Classic. This will be the third Annual event held in […]

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How To Win A Multiple Offer Situation

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So your put in an offer on a home, expecting to play hardball and all of a sudden you find out your in a multiple offer situation, its time to put your game face on.  Homes in popular neighborhoods are still facing stiff competition, and quite often multiple buyers are competing over the same house. […]

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