Here is a link to the Coldwell Banker "Market Watch Overview for the Phoenix Metro Area". It has an amazing amount of information showing market trends, and breaking it down to individual neighborhoods. You will see details including Foreclosures, short sales, Distressed properties, the number homes for sale, the number of homes sold in the last 30 days, how many of those were traditional sales vs. foreclosures, number of days on the market broken down by price catagory and more!
https://www.insideazmoves.com/sites/default/files/user_files/library/public/CBServices/1727.pdf
Thursday, October 25, 2012
The Market Has Changed!
It's taken five years, but at last, we've hit the bottom and begun to rise again. Inventory of homes for sale has been steadily shrinking in the Phoenix area.
Today there are 16, 856 homes for sale in the Phoenix Metro area down from over 50,000 at the peak of the housing crisis. Basic economic theory of Supply and Demand says, shrinking supply equals rising prices. That is what we are experiencing today.
Some segments of the market are doing better than others; for example homes priced under $300,000 are where the real action is. Here you have investors competing with first time home buyers and those people who are downsizing to smaller more affordable homes. We are not yet seeing the Move-up Buyer but they are not far behind.
Good news for people who want to make a change. Now you can sell your home to buy a different one. Financing is getting easier with prices trending up, Appraisals are coming in at or above the purchase price again (we had trouble with low appraisals for awhile), and interest rates are the lowest they have been in my lifetime!
All good news for you if you want to buy or sell. If you have been waiting for the market to change course--it has. Contact your Realtor and get the details for your neighborhood trends.
Today there are 16, 856 homes for sale in the Phoenix Metro area down from over 50,000 at the peak of the housing crisis. Basic economic theory of Supply and Demand says, shrinking supply equals rising prices. That is what we are experiencing today.
Some segments of the market are doing better than others; for example homes priced under $300,000 are where the real action is. Here you have investors competing with first time home buyers and those people who are downsizing to smaller more affordable homes. We are not yet seeing the Move-up Buyer but they are not far behind.
Good news for people who want to make a change. Now you can sell your home to buy a different one. Financing is getting easier with prices trending up, Appraisals are coming in at or above the purchase price again (we had trouble with low appraisals for awhile), and interest rates are the lowest they have been in my lifetime!
All good news for you if you want to buy or sell. If you have been waiting for the market to change course--it has. Contact your Realtor and get the details for your neighborhood trends.
Tuesday, December 28, 2010
Myth: I can't afford to sell my house, it's lost too much value...
It's called buying into a Down Market!
It's a matter of trading what you have for what you would prefer to have. Yes, selling your current home will look like a loss on paper but whatever you choose to buy, will have fallen in value as much or more, so after the transaction you could come out a little ahead and have the house you want in the location you prefer.
And with interest rates so low, it really makes sense to sell and buy now if you have the desire to make a change. Important to sell before you buy though so you don't get caught with two homes at once.
Having cash and or contingency free financing in hand, gives you the best bargaining position for your new purchase.
Would you like a bigger or smaller house, or maybe a house in a warm sunny place like Arizona? Now really is a great time to make the move.
Bill Gosiak
Coldwell Banker
Sun Lakes, AZ
It's a matter of trading what you have for what you would prefer to have. Yes, selling your current home will look like a loss on paper but whatever you choose to buy, will have fallen in value as much or more, so after the transaction you could come out a little ahead and have the house you want in the location you prefer.
And with interest rates so low, it really makes sense to sell and buy now if you have the desire to make a change. Important to sell before you buy though so you don't get caught with two homes at once.
Having cash and or contingency free financing in hand, gives you the best bargaining position for your new purchase.
Would you like a bigger or smaller house, or maybe a house in a warm sunny place like Arizona? Now really is a great time to make the move.
Bill Gosiak
Coldwell Banker
Sun Lakes, AZ
Tuesday, August 31, 2010
Canadians now top out-of-state homebuyers
by Catherine Reagor - Jun. 2, 2010 12:00 AM
The Arizona Republic .
There's a shift in who is investing in metro Phoenix homes. Californians are no longer the region's biggest group of out-of-state buyers.
Now, the dominant group of out-of-state buyers is from outside the country. Canadians bought 405 Phoenix-area houses in April, according to the Information Market. About one-fourth of the people who bought homes in metro Phoenix during April weren't from Arizona.
Californians purchased 368 Phoenix homes. Buyers from Washington state were third with 146. More people from the Midwest are also investing in the Valley. Residents of Illinois, Minnesota, Wisconsin and Iowa bought a total of 332 homes.
Information Market analyst Tom Ruff believes the new makeup signals an important change. Californians have long led the pack for buying Valley homes, and investors from that state are often speculating on the Arizona market.
But Ruff believes Canadian and Midwestern homebuyers are less speculative and will hold onto homes they purchase in metro Phoenix for much longer than Californians.
The Arizona Republic .
There's a shift in who is investing in metro Phoenix homes. Californians are no longer the region's biggest group of out-of-state buyers.
Now, the dominant group of out-of-state buyers is from outside the country. Canadians bought 405 Phoenix-area houses in April, according to the Information Market. About one-fourth of the people who bought homes in metro Phoenix during April weren't from Arizona.
Californians purchased 368 Phoenix homes. Buyers from Washington state were third with 146. More people from the Midwest are also investing in the Valley. Residents of Illinois, Minnesota, Wisconsin and Iowa bought a total of 332 homes.
Information Market analyst Tom Ruff believes the new makeup signals an important change. Californians have long led the pack for buying Valley homes, and investors from that state are often speculating on the Arizona market.
But Ruff believes Canadian and Midwestern homebuyers are less speculative and will hold onto homes they purchase in metro Phoenix for much longer than Californians.
How you will know when the Market Trend is about to change
Here it is in a nutshell: it's all about Supply and Demand. Just like the three most important words in Real Estate are location, location, location; understanding how to apply the basic economic Pillar of Supply and Demand to Real Estate is the key to knowing when to buy and when to sell.
As long as there are more houses for sale than buyers interested in buying them, prices will decline. On the day 8/31/2010 there were 43,773 homes for sale in the Greater Phoenix market. One year earlier the number was 37,460.
This tells us the Trend, is a rapidly growing number of homes for sale ie., too much Supply. So we can expect prices in this market to continue to decline.
So you ask, when will prices bottom out and begin to rise? When the number of homes for sale reaches say, 20,000, we will be approaching the bottom of the decline.
Home values have been declining roughly 10% per year for the last four years. There is nothing on the horizon indicating a change is coming to that trend.
As long as there are more houses for sale than buyers interested in buying them, prices will decline. On the day 8/31/2010 there were 43,773 homes for sale in the Greater Phoenix market. One year earlier the number was 37,460.
This tells us the Trend, is a rapidly growing number of homes for sale ie., too much Supply. So we can expect prices in this market to continue to decline.
So you ask, when will prices bottom out and begin to rise? When the number of homes for sale reaches say, 20,000, we will be approaching the bottom of the decline.
Home values have been declining roughly 10% per year for the last four years. There is nothing on the horizon indicating a change is coming to that trend.
Bill Gosiak
480-437-4990
16+ years in the business
Helping clients make informed decisions
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