East Valley housing market: All real estate is local

Why the housing numbers you hear on TV mean nothing to you

East Valley Team memberDean Ouellette talks how the housing market numbers you see on TV and how they mean absolutely nothing to you as an East Valley home owner.

So you are sitting down watching your nightly news and hear the new housing market is down 35%, or you hear that the amount of distressed properties, meaning short sales and foreclosures, is now only 31% of the housing market being sold. What does that mean to you?

Most likely it means absolutely nothing. If you live in the East Valley and are wondering about the housing market, your nightly news may not be your best source. Much like politics, all real estate is local.

Let’s look at the latest number where only 31% of the houses sold last month were distressed properties. You may be thinking great that means it is now easier to sell my house because those properties will not be dragging the value of mine down as much. You would be wrong.

In the Tempe, Chandler, Mesa, Gilbert East Valley area of Phoenix in June 2010 close to 62% of homes sold were distressed. The national market numbers you hear means nothing to you and your housing situation.

If you want to know what your market is really like then talk to a Realtor in the area you live and they can fill you in on your current market.