Summer Forecast,-- The Real Estate Market Looks Great

Real estate values have increased in the Phoenix area. In fact, Phoenix was rated the #1 real estate rebound market in the US. Yoohoo! I sincerely believe this is because the Phoenix market is one that has lead the way in Short Sale Transactions. Many of the top Short Sale agents from the Phoenix market have helped shape more efficient short sale procedures at the major lending institutions. Thousands of families in the Phx area have been saved from foreclosure. We have had another wave of investors purchasing properties here in Maricopa County. Some of the investors have purchased with the intent of flipping the properties. Others have invested to hold the properties as rentals. Currently, the values have risen to the point where flippers are not able to purchase properties, fix them up, resell them and create a healthy profit. Even at the home auctions, many of the foreclosed properties are being bid up to fair market value and above. I do anticipate that soon these flippers will be moving on to other up and coming markets. It is very common currently to have multiple offers on properties. Tuesday I listed a property and 2 days later I now have 6 cash offers on it and 3 of them are up and over list price. And this property is not a cream puff. The house does not even have flooring in the kitchen and all the carpet has paint stains that cannot be removed. Buyers are so glad to be selected in our busy market, that they have relxed their usual standards. Currently, the inventory of available homes for sale in Maricopa County is low. In some areas of the county, we have less than a 2 month supply of available homes. Buyers need to align themselves and stay loyal to their hard working agents who can use their inside knowledge to secure them a property. For now, this market should continue through the fall. If you have equity in your house it is an excellent time to sell. My listings now are 50% traditional sales and 50% are short sales. This is very different from a year ago when 100% of my listings were short sales. So, in summary, the market here is great! The hot weather in the other states is making Phx look more and more desirable. Want to join us? Give me a call!