What exactly is going on with the Phoenix housing market these days. Here are a few recent stories that help paint the picture.
Housing frenzy spread to rentals in metro Phoenix
Last week the Arizona Republic reported on how the resale market is not the only part of the Phoenix housing market that is on fire. Rentals are just as hot.
If you have been looking for a rental or if you have been looking for a house under $200k in the last year you are getting the same results in the market. There is no inventory.
Rentals are very much like the housing market right now, if you see something you like, you better act quick. Most rental houses have multiple applications in the first day or two.
My advice when looking for a rental house, check out all your options. That would include a good real estate agent, Craigslist (just watch out for scams like “I’m currently out of the country) and also some large private property management companies who do not advertise on the MLS.
Metro Phoenix market July numbers
The numbers for July are out and prices were steady. While prices were down about 1% from June, they were still up almost 31% from July of 2011.
The number of sales are down, but that is mainly because of the low inventory.
One thing to keep in mind when looking at prices is Phoenix is a large area.
If you look at housing in the East Valley, the cost per sq foot on houses closed in July was up about 1% over of what it was in June. And the average prices for houses under $150,000 is up slightly in July too.
So remember, the general numbers for a real estate market are just that, they are general. All real estate is local so talk to an agent who can give you more accurate information.
And not exactly market related, but a recent post from Marty Boardman, one of our agents who specializes in fixing and flipping homes. Should you make sure you use a licensed contractor?
Marty walks you through the pros and cons of each and tells you exactly when he makes sure he hires licensed contractors vs when he goes elsewhere.