Pook's Message - 5/4/12

Today I am including two articles with the same information... Both include the latest information from Michael Orr, director of the Center for Real Estate Theory at ASU, regarding the current trend in housing prices in the Phoenix area.  The first article comes from The Arizona Republic and the second comes directly from the source, Arizona State University/W.P. Carey School of Business.  Bottom line is that prices are going up in most areas of the Valley, with the luxury market being slower to show this increase and, in some areas, still showing a decrease in prices.  Today's third article suggests that the housing market nationwide has hit bottom and is now turning around, and the final article reminds us, once again, that interest rates are at historic lows and buying a home won't get cheaper than it is today.  As I've said before, Phoenix was hit hard, but is making a dramatic turn-around. Inventory is down, homes are selling (often within hours of being listed and receiving multiple offers), prices in many areas are going up significantly, and interest rates are at historic lows. Don't believe me?  Ask someone who has made an offer recently and discovered there were several other offers, including a full-price cash offer.  if you've been sitting on the fence, now is the time to make a move.  For stats on the Northeast Valley and stats specific to PV and Scottsdale, please visit my website.  If you'd like stats on other Metro Phoenix areas, contact me.