One does not have to dig very deep to find the mainstream media reporting on the woes of the housing market.
I’ll be the first to admit the current Phoenix market is not in the greatest of shape:
There are a ton of short sales out there.
It may not be a good time to buy a Phoenix Home (but, maybe it is)
Local economist says Phoenix real estate market will take 3 – 5 years to recover.
However; there is evidence, albeit anecdotal, that there are signs of life in the Phoenix market.
Our phone has been ringing off the hook recently — with serious buyers (and sellers) on the other end of the line. Email inquiries have increased in quantity and quality as well.
Apparently I am not alone in seeing increased activity. East Valley Tribune reporter Misty Williams ran a piece on Saturday, quoting a couple of my Phoenix real estate blogging buddies:
“I’ve been seeing an increase in first-time buyers - people who have saved their money and ridden through the wave of escalating prices,” (Great pic Dru!
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“. . . calls from interested buyers have at least doubled in recent weeks.”
Over on the west side of the Valley, Jonathan Dalton just released some absorption rate data that show an increase in sales as well (hence a resulting decline in absorption rate in some areas of town).
While we are by no means clear of a messy housing market, there are some positive signs of change happening. Only time will tell if it continues, but hey, at least it is a start…
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The same is here. We’ve been showing hoses every day for the last couple of weeks including weekends. More and more people taking trips to the city and asking us to show them properties. I noticed that there are quite a few people moving with a job, and those that retire within a few years but would like to make and investment right now. Certainly the light is getting brighter at the end of the tunnel
I’ve heard similar stories around the country. Agents seem to be more confident lately, even in Florida & Vegas. I’ve also heard there was an up tick in escrows opened last month as well in the Phoenix market, which is always a good sign. With all the short sales, desperate home owners & banks out there it may be a quick death or a slow and arduous one. Who knows. Only time will tell whether we’ve hit the bottom or not.
I agree. I have experienced lots more buyers calling me. I work with a lot of boomers, and they were bummed back in 04 and 05 that they didn’t get in the market. They sat and waited thru 06 and 07 to see what was going to happen. Well my phone is ringing and they are coming to town.
Jay,
when I was investing, the rule of thumb was that three months before the media was all doom and gloom was the bottom. Three months before the media was all aglow was the top.
I think many people realize that right now is the best chance to take advantage of interest rates and discounted homes. I think Spring activity coupled with FHA raising limits has infused the market with possiblities of getting a house with more than they imagined. Many were waiting it out for the bottom and many have been saving. I see activity being much better this past two weeks as well.
I hope this is the case for a few clients of mine. They are looking to move out here to the Santa Barbara CA area and have their homes listed for the last 3-4 months in Scottsdale with no takers. Good luck with all.
Here in the Santa Barbara area we are seeing a good amount of activity in the last 2 months.
Hey Jay, Thanks for the mention. Misty did a nice job of covering a lot of ground in the current Scottsdale real estate market.
I’m struggling with all the internet leads.
It’s interesting that three of the most successful Arizona real estate bloggers - you, Greg Swann and Dave Smith in Tucson - are all part of husband and wife teams.
Thanks for the mention, Jay.
Improvement in our area as well. I think now people are ready to buy. Kids will be out of sholl in a couple months and timing is important for many families to move. I think April is going to be great many are taking holiday vacations right now and checking out homes had many of those this week. Hope it continues for all till we get the bulk of the foreclosures sold.
I can understand your point I live in Florida one of the other top 4 places that were hit hard. Many area are rebounding and not sure I see a similarity. In Miami the lower income houses are flying in Sarasota the Luxury homes are flying also everywhere else picking up slowly. So I think is location and need that will sell first and then the investors hopefully will begin to pick and choose the communities to invest in.
Good to hear there are serious buyers calling thats what we all want to have. Many are just looking for such amazing deal and are somewhat surprised as they don’t realize what these houses sold for 3 years ago as oppossed to now. But for those that followed the market then see the discount on the foreclosures.
Custom built homes are the best way to go in my opinion. That way you get exactly what you want from your new home and you won’t need to spend all of that extra money on remodeling.
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