In the Phoenix area, including Goodyear, Avondale, and Buckeye, the sales are down, down, down. We had 10.3 listings for every house that went into PENDING status last month (single family detached).Many of the sellers with fantasy prices have let their listings expire but there are still plenty that are overpriced, especially for today's market. Buyers have gotten smarter, comparing prices and shunning the highest 75% of the listings; they don't even get shown.Buyers also seem to be holding out for future price reductions. True, some are buying, but some have to buy (relocations, growing families, etc.). There is a reduction due to the mortgage companies being scrutinized by the regulators. Some buyers don't seem to realize that the great selection and low interest rates are making thi...
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