More Positive Market News

I've been sharing news of an improving housing market for months now.  (Scroll down or use the Archive on the left sidebar to revisit those articles.)

Well, the news in this morning's Arizona Republic confirms that the metro Phoenix market is, indeed, showing signs of turning around.   I have included a link to the article, Metro Phoenix Housing Market Showing Signs of Upswing, below and have also included some graphs to illustrate what's going on in the current market.

We are seeing a definite increase in demand and decrease in supply of properties in all price ranges.  At my office meeting yesterday, colleagues shared news of multiple offers on properties throughout the Valley.  It was astounding to hear the reports of so many multiple offers coming in so quickly.  Many of those offers were on properties below $200,000, but there were also reports for higher-priced properties. Yes, many of the buyers are investors, some planning to "buy and flip" and others looking to turn properties into rentals, as the supply of rentals continues to drop drastically.  But, buyers who plan to occupy their homes are out there, too.  And, many who have been looking for a while are seeing and feeling the change in the market.  As the market changes continue, it's important for Buyers who are on the fence to make a move before rising interest rates and pending changes in mortgage regulations make it more difficult for those needing to borrow.

For those thinking about selling, now is the time to get your house on the market.  It is anticipated that more distressed properties (short sales and bank-owned) will be coming on the market soon.  Waiting to sell will mean more competition from these properties.  The key to selling a home will be proper pricing.