www.realestateeconomywatch.com by Steve Cook
“The Phoenix Metro Area Housing Market faces multiple offers even in the higher end and luxury market as buyers try to snag homes before the market rises further. We have seen multiple offers for quite some time in the lower price ranges, but now as the market is returning, and returning strong, we are seeing multiple offers in the higher price ranges. We are now seeing multiple offers on homes in the move-up and luxury home market. We are seeing offers that are $50,000 over asking that are not the winning bid. This is causing quite a bit of frustration as buyers are trying to get into a home before the market prices go up further,” reported Brenda & Ron Cunningham, real estate professionals in Arizona.
Monday, July 16, 2012
Thursday, July 12, 2012
Things are heating up again!
Not only is the weather here in the Phoenix area heating up, but the housing market continues to heat up as well. The lack of inventory of homes currently on the market with more and more Buyers looking to purchase here has created a "hot" market. Multiple offers above list price are becoming the norm. We continue to see out of state/country "cash" investors scooping up the lower priced properties that normally would go to first time home buyers that need to finance. While nothing is impossible, Buyers need to be prepared for stronger negotiations, longer wait time for responses from Sellers and possible discouragement with 1 or more rejected offers. Hang in there! With a persistent REALTOR that has your best interest in mind, perhaps looking at various types of homes may be necessary or a different location.
Monday, July 2, 2012
Friday, May 25, 2012
Sunday, May 20, 2012
Current stats for Phx Metro Real Estate
Here is the
Take Away!
1. Active
Notices of trustee sale for residential properties as of the end of April'12 were 17,768 units. Up from last month of 16,947. Down from the all time high of December '09 of 47,606.
2.
Residential Foreclosures were at there all time high in March 2010 at 5,451. Residential foreclosures were 1,647 last
month. This was down
by 316 units from March.
3. The residential REO properties
are sitting at 6,711 vs. last month of 7,408. Down 697 units
from last month! April of 2011 there were 19,322 REO properties, down 65%! Listed REO properties
are approximately 1,345 units and pending are 2,120.
That tells us that there is
approximately 3,246 properties that are foreclosed but not yet on the
market.
4.
Normal Sales is at the highest point in the
last 5 years. They represent 56% of total sales!
Monday, May 14, 2012
May 2012 Housing Report for Phoenix Metro
May 2012 Housing Report for Phoenix Metro
The
information below demonstrates a comparison of data from April 2011 to April
2012. To find out what these numbers mean to you, click on the link below to get
the Full Housing Report.
| ||||
| Active
Inventory -40% |
|
 |
Closings -10% |
|
| Months
of Inventory 2.5 |
|
Median
Price of Sold Homes +25% |
| |
| New
Properties Under Contract -19% |
|
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Thursday, May 10, 2012
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