From the Arizona Republic today, Housing market reflects positives:
“Homes priced under $350,000 are selling much quicker than the rest of the market. An analysis from Jim Sexton, president of real-estate firm John Hall & Associates, shows there is only a seven-month supply of homes in that lower range. That’s a healthy level.”
Yesterday, I showed single family homes priced under $250,000. In the morning, I was in South Scottsdale. Of the ten homes, I tried to set up appointments for, three were already under contract. In the afternoon, I was with another client in Mesa. Of the four homes that I was planning to show, only two were still available. And at one of the homes on our list, we ended up waiting for another agent who was already at the house showing it to his clients. It’s been over a year since I’ve bumped into an agent showing the same property at the same time.
Showings. Offers. Contracts. Sales.
That’s what we need and that’s what we are seeing in the lower price ranges in the market.
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I concur, we are having similar experiences with several clients. Several are having to compete for homes and often the competing offers are cash.
Two separate buyers last week were countered with multiple counter offers. In the lower price segment it feels like it’s 2005 again.
Even on of our higher end homes had 2 offers on it.
So are you thinking the market is coming back soon?
Artur, Glad to hear you are seeing increased activity, too.
Jeffrey, I’m not sure. There are so many variables that come into play. I do think that there are many good opportunities to purchase now, however, I’m not ready to forecast the market as a whole.