If you are looking to buy or sell a house I recommend you check out our free Phoenix Real Estate Market Email.
If you were on the list today, here is what you would have received.
Inventory slowly increasing
The Phoenix inventory has been historically how for months now, but as of late there has been a slow uptick in the inventory.
There have been a lot of investors jumping in the market trying to make money with flipping houses. Sound familiar, like 2005 all over again.
A seasoned investor knows when to walk away from a deal, but those less experiences end up paying to much for a house to make a profit. The house then sits on the market for a long time because it is overprices.
Marty found that 38% of active single-family homes in Maricopa County that were not short sales or REO properties have been on the market longer than the average of 69 days. What does that mean, they are overpriced.
You have to know when to walk away, know when to run.
July 2011 to July 2012 up 27.7%
This report from Inman News shows Phoenix has the second highest price increate from July 2011 to July 2012. Phoenix was up 27.7% during that time.
Phoenix trailed only Santa Barbara California which came in at 31.5%. And there was a big gap between second and third. Boise City came in third at a 16.8% increase.
Looking for more foreclosures?
I work with plenty of clients who love to look for foreclosure properties. Foreclosures usually mean a discount, and no waiting around like short sales.
This AZ Central piece is not good news for homebuyers. Looks like Fannie is selling them off before they hit market. They recently sold 275 in a bulk sale to an unknown investor.
So if you are following the Phoenix market and want to stay up to date, make sure you join our email list now.