“How is the real estate market in Val Vista Lakes?” This question is asked almost daily by residents, and for good reason. The local media have made a cottage industry out of covering every aspect of real estate… Headlines scream of both record prices and of impending doom for the housing industry. What really is going on right here in Val Vista Lakes? Well, let’s look at history for a bit. From about 1994 to early 2004, prices of homes here in Val Vista Lakes rose by about 6-8% per year. In early 2004, this changed. Investors came into the metro Phoenix market in huge numbers. Prices rose quickly, up to 35% or more. For 12-15 months, the market became a lopsided, seller-controlled market. Buyers outnumbered sellers 3:1, 4:1, 5:1, even more at some price points. Then, in summer 2005, the investors left. Home prices were much higher, but now sales were beginning to return to a normal pace. Over the winter of 2005/06, sellers were learning that the robust market was gone. Buyers seemed to pick up on this fact very quickly!

Val Vista Lakes is not a carbon copy of the rest of the local market – no place is, actually. We enjoy a premier location, a stable HOA, and an incredible set of common facilities. Very few other associations have what we do… For these reasons, our real estate numbers are a bit better than the rest of the PHX metro area. We have had around 65-75 homes sell & close escrow during the first half of 2006. The average sales price has risen to $450,000. Condos are selling in the low $200’s, and waterfront homes are all over $500k. The one common market statistic is Days On Market… Up dramatically, to over 75 days now. Buyers currently have over 60 homes to choose from. This is not out of line historically, but does underscore the need for sellers to have every advantage on their side to attract buyers. Unlike the heyday of ’04-’05, offers are now measured by how much below list price they are written. Strong, but fair, negotiating skills are in high demand once again. Experienced listing agents are using a full set of marketing tools, including virtual tours, full color fliers, and toll free phone numbers. “Staging” of homes has come back into vogue. In short, this is a strong buyers’ market. It’s a great time to be a buyer moving into Val Vista Lakes… C’mon in! The water’s fine!