If you want some sense of the insanity of the current Phoenix real estate market, take a look at this Facebook conversation:
We have been seeing a steady stream of positive headlines over the past couple weeks, proclaiming that the Phoenix real estate market is leading the national real estate recovery.
As home prices continue to drop in most cities, a nascent real-estate rebound here holds lessons for the rest of the country.
Phoenix tops the list at #1 with 23.45% increase in median listing price over the past year.
Home prices are surging in metro Phoenix, climbing 8 percent in March alone and 20 percent in the past 12 months.
According to Zillow, the Phoenix area is expected to experience a 6.5 percent increase in median home price in 2013 compared with the current year.
With low inventory, getting offers on their home is easy. It’s finding serious buyers that’s been hard, especially when dealing with out of town investors.
And it’s the serious buyers, the owner-occupants, who have been getting squeezed out of the market. Several of my serious, pre-qualified buyer clients have just thrown their hands up in the air and said they’d check back in with me later.
They are tired of:
- Low inventory, with the homes that are priced well and in good condition getting many, many offers.
- Short sales, where they have to wait for months and months to get an answer.
- Making an offer based on market value, so that the appraisal will be high enough and they won’t have to bring extra cash to closing, only to get beat out by a cash buyer who is waiving the appraisal, the inspection, and accepting the house in As-Is condition.
Yes, the real estate market is crazy in Phoenix. Again. Is it healthy? Hum. Is it sustainable? Not sure, but hope so.
I do know there’s a tremendous pent-up demand for home buyers, and that anyone who’s considering selling their house, will find that they are once again in the driver’s seat.
Please, if you are considering selling your home, please call me or one many other qualified agents in Scottsdale and Phoenix Metro area. We can help you price and sell your home in today’s seller’s market. And, connect you with buyers who are anxious to own and live in your property. As we head into the hot months of summer, your timing will be very important, so do call if you are serious about selling your home.