Phoenix Housing Market Explodes. Remember the old days in Phoenix? The old days when if you were looking for a Phoenix home for sale, you could take your sweet time? You remember don’t you? Back when the Phoenix housing market was horrible, 80% of the deals in Phoenix were distressed sales – bank owned or short sale.
There were deals everywhere, you could literally pick up a Phoenix home for sale for pennies on the dollar at the trustee sale. You may not remember the old days because they were only 18 short months ago. Today the Phoenix housing market has done a complete 180, a surplus of supply that drove Phoenix home prices down has now evolved into a deficit forcing prices up. How far up? 1% per week!
Phoenix Housing Market: 18 Months Ago
18 short months ago anyone looking for a Phoenix home for sale could look at house after house, take their sweet time, run the numbers and cherry pick the best Phoenix home for sale. Many made low-ball offer after low-ball offer from Queen Creek to Glendale. Fast forward to today and no offers are being replaced with multiple offers. Everyone seems to want a piece of the Phoenix housing market, not just local buyers but savvy international investors and hedge funds too.
While the increase in home sales and ultimately home prices is good for some, it is inevitably bad for others. While investors are scooping up homes for sale all over the valley of the sun, many families are losing out to cash buyers with deep pockets.
Phoenix Housing Market Today
The question is why? Ask anyone that is not familiar with the Phoenix housing market and they will likely tell you “the Phoenix housing market changed over night!” did it? No. Any real estate professional worth his salt that subscribed to a service like The Cromford Report could have told you supply has been going down while demand has been going up. It has been a perfect storm of opportunity. Low interest rates, low home prices, coupled with high demand.
As with any housing market there are always winners and losers. Unfortunately for many families looking for a place to call home, it is likely to get worse before it gets better. With home prices increasing at 1% a week, we will likely see a return of the amature real estate investor looking for a piece of the action further eroding supply and driving up demand and subsequently – price even more.
Phoenix Housing Market: Assemble Your TEAM
If you are a buyer looking to purchase a home in the Phoenix market , I would suggest you assemble a strong real estate team to help you find and acquire the right home in this market. You will want a team consisting of a real estate agent, loan officer/lender and Phoenix title company that not only work well together but communicate well and often. The good real estate agent can find you the right home, keeping you advised of any shift in the Phoenix housing market, a good loan officer can get you a competitive loan product with a great interest rate and a good escrow officer can help keep your deal in escrow, keeping a close eye on milestones that must be met.
This is not a housing market for amatures, choosing the wrong real estate agent can cost you, assemble a team of professionals that will work together to help you find the right home, at the right price and the right terms. Those terms? YOURS. If you would like a referral to a team that can help you please fill out the form below. After 10 years in the Phoenix real estate market I can certainly point you in the direction of a good real estate agent and lender – as you may have guessed, I have the Phoenix title company covered already.