A few of us local agent/broker types weighed in on a article published yesterday in NuWire Investor titled. “Real Estate in Phoenix: Ready to Rebound?”
Real estate in Phoenix has been hurt badly by the housing crisis, and since the turmoil began a dark cloud has loomed over the Valley of the Sun. But is there a silver lining in sight? Although local experts can’t say for certain, it is presumed—if nothing else—that the worst is almost over.
We (and many others I’ve talked to) are seeing more real estate investors considering the Phoenix market. Canadian buyers continue to flock to the area, in part due to reduced prices, and in no small part due to the strength of the Canadian dollar vs. the US dollar.
REO (bank owned) properties in Phoenix abound, and are selling well. Banks are getting more aggressive about reducing their inventories and are pricing aggressively (for the most part). Despite a fairly common perception, you can not get REO properties for pennies on the dollar—but the shear quantity of REO properties dictate that there are some great buys to be had. Just be prepared to move quickly and to be in a multiple offer situation.
The NuWire article offers a nice oversight on the Phoenix real estate market. No one is ready to call the bottom (and as I’ve said before, no one can call it accurately until they are looking backwards and saying, “Yep, that was the bottom”). Where the bottom is, and how long it lasts are subject to much debate and speculation. But there is no arguing that sales are up, inventory is down, and the market is changing.
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The Phoenix Real Estate Guy was started by Jay Thompson, and I have a little blogging problem... he liked to say...
Actually, I used to have a comment editor, but it really bogged things down. Now you just have to be careful!
Business is going very well!
Though we stayed very busy through this “down market”, things are definitely picking up steam big time for us now. I just added a 5th agent to our team last week and have been training her ever since. She’s already working with 10+ leads and 5+ of those are communicating with here regularily.
How’s business for you and Francy?
Matt Pellerin
Jay,
Where’s the edit button? LOL
“communicating with here” should be “communicating with her”
Hey great blog! Lots of content, not just real estate related.
Hopefully if our area here in southern utah is any indication, it will come back up. We are getting a good influx of people interested in the area and the economy has really rebounded a little. I just heard today of the same for Las Vegas. Hopefully it keeps coming.
In St. George we have seen a definate influx of buyers recently. Granted they all think they should be able to buy a home at 1/2 price but after educating them a little they turn into serious buyers. Its good to hear Las Vegas is turning around a bit and hopefully Scottsdale/Pheonix real estate wont be far behind. I think all our areas are semi dependant on Southern California and its plethora of retirees.
We are a large builder in Utah and we have definately seen an increase in our traffic at our communities on a daily basis. Buyers are looking for a deal and with the current market conditions they are finding them. Southern Utah seems to be turning around with Northern Utah lagging behind like always.
Funny item is this post is ranking in google for Cedar City real estate. I just wanted to reiterate what has already been said about the Southern Utah market. It really is starting to turn around I I feel like we are seeing the bottam. This is good news because our economy is so closely tied to construction and home sales.
We have seen the same effect in Mesquite! Lots of buyers all looking for a good deal. Lucky for them they are finding great deals. I just feel sorry for the guys who continually wait for the bottam and never purchase do to the fear of “not buying at the right time” Usually these are the same people who purchased while the market was “hot”. I don’t know how many times I can say this but you buy low and sell high. Not the other way around.