I've been telling you about the changes in the Phoenix area market for quite some time now. Today, the market for properties, especially those under $300K, is a tough one for buyers... just not much left out there. Investors are back and many properties are getting multiple offers, often full cash offers and often within hours of going on MLS, from both investors and ordinary folks looking for a home to live in. The last three contracts I've written (in various price ranges) have all had multiple offers. With demand outweighing supply, it looks like the Arizona real estate market has really turned around. According to Michael Orr, Director of Arizona State University's Center of Real Estate Theory and Practice, and the author of The Cromford Report, the market hit bottom last August. He says, "... supply has been soaked up and Phoenix is again becoming a seller's market where buyers must stand in line and move fast."
Today's Topics include a CNN article about the turn-around in the Phoenix market and information about a buyer program called "NeighborhoodLIFT" that is going to be offering down payment assistance of up to $15,000 to qualified buyers during a 2-day event at the Phoenix Convention Center March 23-24.
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