It's a Buyers Market

It's a buyers market-like never before, from the Arizona Republic, reports that according to the Arizona Regional Multiple Listing Service, more than 50,000 houses and condos were listed in March. A healthy market typically carries about half that number, analysts say. Listings have climbed steadily since the real estate boom faded, with the total exceeding 40,000 last year. Analysts have said that reducing inventory is necessary for recovery in both the new and resale markets, yet resales are at an all time high. Analysts say that Sellers are unrealistic, with many pricing their homes higher than what buyers are willing to pay. Another reason cited for the increase in listings is that investors are unloading homes. "They are the amateur speculators of last year or the year before," said Valley housing analyst RL Brown. "Their 'wink-wink' loan of two or three years ago is about to change into a serious burden." Housing analyst Tim Sullivan of the Sullivan Group in San Diego thinks resale listings should stabilize and maybe begin to fall midsummer. Until that time, it is definitely a buyers market.

http://www.azcentral.com/news/articles/0409listings0409.html