The Cyclical Real Estate Market Creates Price Reductions
By Leanne Smith, The Grit and Gratitude Agent
(Dirt Road Real Estate)
In AZ, we have a document published by the AZ Association of REALTORS® entitled “Market Condition Advisory.” This document states in bold large letters:“The real estate market is cyclical and real state values go up and down.”Further explanation cites the financial market and its effect on loaning money on real property. As the US financial market is directly tied to the global market and what is happening internationally, there is always the possibility of market uncertainty.When residential properties or vacant land parcels are listed, the listing agent presents a picture of the current market conditions. This doument is often referred to as the CMA or Competitive Market Analysis. For my listing clients the following information (data) is presented: Active Listings Pending Listings R...
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