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Housing Market In Phoenix: Why NOW Is The Time To Buy A Home

Housing Market In PhoenixThe housing market in Phoenix is on FIRE!

Now. Wait. Now! Uh, you missed it again. ok, wait for it [1,2,3. . .] NOW is the right time to buy a home in Phoenix Arizona. If you have been looking to buy a home in Phoenix, you already know this: The housing market in Phoenix is HOT!. The days of taking your sweet time, dragging your real estate agent, excuse me, real estate agent{s) around the Phoenix metro area to see home after home only to “think about it” are over. Today if you were fortunate enough to find a home that meets all of your needs in the Phoenix housing market it is likely under contract already, or there are 12 buyers waiting ahead of you to see it buy it.

The housing market in Phoenix is H-O-T HOT and if you are in the market [or will be soon] to buy a home in Phoenix, NOW is the right time to buy a home.  Below are some reasons why.

 

Housing Market In Phoenix

From Wikipedia, the free encyclopedia

 

 

Supply vs Demand

Supply and demand, the economic model of price determination says [essentially] too much SUPPLY and little demand and the price drops, conversely too much DEMAND and not enough SUPPLY and the price goes up – by 16% in the case of housing market in Phoenix. Phoenix homes have gone up by 16% from the bottom [yes we hit it folks] since September of 2011.

Foreclosures

Traditionally, and when I say “traditionally” when Phoenix and Foreclosure are mentioned in the same paragraph you can almost feel prices dropping. The housing market in Phoenix has seen more than its fair share of foreclosures. For the last 6 years the “F” word Foreclosure has been the buzz word. Foreclosures or lack thereof I should say are one of the contributing factors to the housing market in Phoenix appreciating so fast. The number of distressed properties either in foreclosure or taken back by the banks is down by half.

Cash

There is plenty of it. My mom used to tell me “money does not grow on trees”, well she obviously has not been to Phoenix because cash, rather cash buyers are everywhere. From single property cash investors that might buy 1 home a month to hedge funds and equity funds buying over 600 homes a year, cash is everywhere. Buyers that waited to buy a home in Phoenix are now competing with cash buyers that pulled out of the trustee sales and are now buying resale where there is more selection.

Low Home Prices

I’ve been in title for over 10 years in Phoenix. In those years I thought I had seen it all. I was wrong. I knew I had not seen everything when I saw homes in the Phoenix market [the 6th largest city in the country] selling for $80,000 [and less!]. For the cost of a luxury automobile you could have a home! To give you an idea of how absolutely ridiculous that is, you could not go to Home Depot or Lowe’s, buy all the wood, pipes, wire, appliances, tire, carpet etc and BUILD a house in Phoenix for less than $80,000!

Now Is The Right Time To Sell Too!

Up until now this post has been about why NOW is the right time to buy a home in Phoenix, We have already discussed the lack of inventory, less foreclosures, plethora of investors, cash buyers etc. A smart homeowner might be thinking to him/herself “self, if there is little inventory, prices are going up and there is all this extra cash in Phoenix – I should SELL MY Home!” And you would be 100% correct! This is the time to sell your home especially if you are considering a short sale. Many homeowners are not aware that in many cases you can short sale your home and buy another home in less than 2 years [depending on circumstances ] there is even a second chance home loan available for those that have a short sale, foreclosure or bankruptcy.

Takeaway

To a large degree, the home you find and purchase will be a function of the real estate agent you choose. The #1 complaint about the real estate industry is lack of communication. Imagine finding the right home at the right price in the right area only to find out you chose the wrong real estate agent, who you cannot reach in your time of need. Save yourself some time, stress and money by filling out the form below. After 1o years in title here in Phoenix I can tell you not all real estate agents are created the same. I will be happy to refer you to a real estate agent that specializes in the area you would like to buy in. Of course, I certainly can help you with all of your escrow and title needs.

 

Need Help Finding A Real Estate Agent, Attorney, Lender or Title Company

Whether you are looking for a real estate agent to help you navigate the home buying/selling process or a loan offer to help you finance it, I can help. Please fill out the information below and I'll get back to you asap. Thank you, Stephen
  • Feel free to tell me ahead of time what you want help with. If you have a website that you want me to look at before we talk on the phone, please send it to me. I look forward to speaking with you.

Stephen

Hi I'm Stephen Garner, I'm just a guy in the title industry {in Phoenix} trying to change how real estate agents market themselves and their services. To that end, I teach my clients HOW TO leverage sales technologies like WordPress, Content, Video, Camtasia, Final Cut X, iMovie and indexable IDX solutions to convey value and help your ideal client find you online when they are most interested in learning about you and your services. I work for escrows. Hire me!

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