Pay no attention to the silly article title. It’s purely a play on what is making news today.
Yep, even the Phoenix real estate stuff, though it is buried under the earth-shattering and life-changing news about “the latest new iPad” (apparently it’s real name) and Peyton Manning and a bunch of… people… trying to get elected.
While all that is going on, the Phoenix housing market is picking up steam.
Just ask anyone currently looking for a home in Phoenix.
Just ask any real estate agent with a listing. Or with buyer clients.
One of our agents activated a new listing last night at Midnight. She just told me the calls, emails and text messages from buyer’s agents started at 7:00am. And there is already an offer submitted on the home — that the potential buyer has never seen. That buyer agent is attempting to apply pressure for the seller to accept their offer; because they know more offers will be rolling in shortly.
It’s like 2005 all over again…
It’s crazy out there! Insanity. A veritable feeding frenzy.
One of our agents, Elizabeth Newlin, explains the current Phoenix real estate market in her post today, Top 10 Signs the Phoenix Real Estate Market Has Gone Bananas. It’s typical Elizabeth writing — funny as hell, and spot on.
Go read it.
And hang on, it’s going to be a wild ride!
Photo Credit: I’m a chiquita banana. By alibree on Flickr. CC Licensed.
The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
It’s actually the new iPad, Apple has decided against version numbers like the computer line, we don’t have iMac 23 or Mac Book Pro 12. We just have iMac and Mac Book Pro.
@CraigsArizona Apparently Reuters got it wrong. Imagine that….
@Jay Thompson Yea, I digressed, the main point that the market is crazy is very true, every offer I’ve put in this year has gone up against 5 or more other offers and listings are going quickly (as long as they are within reason of the market). I hope we don’t repeat our mistakes of 2005…
@PhxREguy Article on iPad name and why it’s not iPad 3 or iPad HD: http://t.co/CBbpwlyM
Woo! thanks for the Jay Thompson shout out!
“It’s like 2005 all over again”¦”
Well,the 2005 Phoenix RE situation did some fantastic things for our communities. Actually, the resulting aftermath is why we will not see a 2005 again, but I am sure that you are joshing. I really don’t know what the current MLS listing scarcity does for the many $100K-plus underwater folks who remain close to to the strategic default decision line, but have not crossed over it. Also, those in limbo – who no longer pay house loans but have not received Trustee Sale notices seem to be abundant, but it is hard to pin down how abundant.
Are six-figure loss successful short sales happening with some sort of moderate success rate in the Phoenix area? I am guessing that those are kind of a rare accomplishment , but am curious as to what people have seen/done.
Great to hear things are crazy er….um I mean picking up again. We are seeing some zany things happen here in Palm Beach area too. I hope the momentum keeps on going for other key location in the US. I agree with CraigsArizona, I hope we don’t fall into doing the same mistakes. We don’t need to shoot ourselves in the foot.
I think we still have too many people sitting in their homes just waiting for a notice of trustees sale to call the bottom here in Puyallup WA. BUT the Spring jump in interest is an awful big jump. I have so many buyers right now I’m starting to get an eye twitch. 🙂
Multiple offers are the norm in the lower price ranges and the best priced homes are often selling very quickly.
It is a curious mix of blood thirsty cash buyers (my favs), first time buyers and a few nervous types who just can’t seem to pull the trigger.
After the third or fourth iPad with incremental updates it’s hard to keep track of them all or even feign interest. It’s amusing to see tech bloggers lose their minds over a slightly updated version of last year’s tech.
I just went to read the post you recommended. Yeah… very funny. I left phoenix for Indiana in 2010 – I was sorry to see peyton leave, but glad he may be landing in a good home in AZ!
A very funny article and educational reading of Elizabeth and also what we have forgotten so quickly from 2005.
Tricked me on the title! 😉 Glad to hear that the market is picking back up. Will be interesting to see if the agents that got out of the business over the past few years, start coming back into the business again.
Title tricked me! 😉 Glad to hear things are picking back up in Phoenix. Will definitely be interesting to see if a lot of the agents that got out of the business over the past few years, come running back now that things are improving.
Sounds like good news for the Phoenix real estate market. There could be a good chance that several persons will come back to the industry now that things are beginning to pick back up.
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Great post Jay; over here in sunny Perth, Western Australia (the boom State that is keeping the Australian economy ticking over nicely) sales rose 28% in Jan 2012 as compared to Jan 2011, and then rose a further 15% in Feb 2012. 2011 was the lowest year on record for sales activity, but a strong come back seems to be on. Anecdotally agents here are busy again…
@CharlieGunningham Nice to hear things are looking goo “down under”!
Hi Jay… Interesting post, because I’m detecting a similar atmosphere beginning in our area of Seattle (the Eastside). Pendings are noticeably higher, but what’s more apparent, is how quickly “quality” listings are going under contract. Twice yesterday (and I’m not exaggerating), by the time a client emailed me, and I reviewed the listing, it had gone under contract – both were listed less than 5 days – and these were both 500K+. Other agents in my office speak of similar scenarios. Seems like someone flipped a switch!
Jay, you had me at “ipad 3” and “Peyton Manning” haha… Good work with the site and thanks for the content on homes…
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Pace is picking up in the Phoenix real estate market but it’s the seller market that has picked up the pace. This is what several blogs posted say. But I don;t agree fully with them. If there are sellers then buyers must be there to buy them as well.
Lots of great reading..