Please forgive me for repeating the
same news, but I think there are still some folks out there who don't
believe that the Phoenix metro market is turning around. I still have
Buyers asking for great Short Sale deals and foreclosures at rock bottom
prices. Well, they're pretty hard to find these days. For those still
in doubt, in a 5/31/12 report by Michael Orr, Director of the Center for
Real Estate Theory and Practice at Arizona State University and author
of The Cromford Report, he noted that, "Demand remains strong in the market, as evidenced by multiple-bid
situations for the majority of resale home listings... Most
homes priced well are attracting multiple offers within a couple of
days. Up to 20 or 30 offers for a home are becoming common, and often,
many offers exceed the asking price.” Additionally, Mike Orr notes that "Certain areas of the Valley that took a particular beating during the
recession, such as El Mirage, Glendale, Maricopa and Tolleson, are now
seeing some of the greatest rebounds. The pricing boost also applies to
condominiums and townhomes... with their values
up 23 percent year-over-year."
If
you've been reading my newsletters or checking out my blog, you'll see
that I've been reporting on the turnaround for quite a while now.
Today's articles, "Sellers' Asking Prices Jumped in May" and "Phoenix-Area Housing Prices on the Rise," include the latest reports about the Phoenix metro housing market. I've added a third article, "In Hard-Hit Cities Like Phoenix, the Home Market Rises," because it comes not from a local source, but from a Canadian newspaper that is also spreading the news.
For
those who are thinking about making a purchase, there is an additional
article today that provides some insight on appraisals in today's
market.
Please share the news with your friends, colleagues, and family.
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