I know, it’s hard to believe but it’s true. The Phoenix housing market is (and has been) on a steady course of improvement. There are many experts who feel the Maricopa County residential resale market is at, or very close to, the bottom. The first sign of reaching the bottom is an increase is total sales. In our county, sales have increased monthly vs. comparable months a year ago (June – Feb.). What happens is, prices stay at the bottom for a few months as the market begins to adjust to increased activity. We’re seeing this in outlying areas now.
Currently most of the market activity is driven by savvy investors who are taking advantage of bargain prices. Some of the outlying areas that were hit the hardest (think Queen Creek, Surprise & Maricopa) are starting to see multiple offers on well-priced properties. The second indicator of an improving market is an increase in the median price of homes sold. You’ll begin to see that shift very soon.
Record low interest rates make it a great time to buy real estate. If you’re thinking of moving up because you need more space, now is the time to do it. Properly pricing your existing house is the key to moving it quickly so you can take that next step. Or perhaps you’ve wanted to break in to real estate investment but have been priced out of that market. There are some fantastic buys out there in just about any part of the valley, many on townhomes and patio homes that make perfect, low-maintenance rental properties. You’ve got about 6 months before the low interest rates we see now begin to rise so time is of the essence. At the same time you will begin to see prices rise in certain areas, creating a doubly whammy.
Don’t be like the typical real estate investor and wait until the market is in the upswing to buy. Now is the time to invest. To find out what you qualify for, give me a call and we’ll run the numbers.