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.