Have sellers finally gotten the message?
I’ve been posting for a couple of weeks about cash buyers are starting to make up the majority of my clients and how they feel it is time to buy. They have been buying a mixture of foreclosures, estate sales, and traditonal resales (all at bargain prices) in downtown Prescott, Talking Rock cottages, and income properties in Prescott Valley.
Now the numbers are starting to come out of the valley and according to the Arizona Republic this morning, “for the first time in years, there’s good news coming out of metropolitan Phoenix’s housing market.”
The article, by Catherine Reagor their real estate guru, goes on to say that March saw several firsts:
1) Home sales rose to 2005 levels;
2) Foreclosures fell for the first time in a year; and
3) Several Phoenix neighborhoods saw prices stabilize.
She goes on to quote from a Phoenix real estate pro:
“The affordable end of the Valley’s housing market could finally be at the bottom looking up,” said Mike Orr, a real-estate agent and analyst who publishes the Cromford Report. “Homes priced for $150,000 or lower are selling fast and even getting multiple offers. My money is on home prices in many of those neighborhoods being slightly higher by June.”
If sales continue to climb in other metro Phoenix communities this month and in May, there’s a good chance home prices in the Valley’s most affordable communities could tick up in June.
“April will be the turning point for the housing market,” Orr said. “People are beginning to perceive we are at the bottom, and there’s no reason to wait to buy anymore.”
See the whole article here: Promising signs from Valley housing data
People who know me can tell you that I am a realist over an optimist. Right now I think reality is that if you are waiting on the sidelines and keeping stats, circle today and then if you haven’t gotten a deal in escrow in 90 days, check this space to see what the average price has gone to in the Prescott area. I bet it is up.
For the latest quarterly report of Prescott Arizona area foreclosures and short sales, see this post: Prescott Arizona area foreclosure market report for Q1 2009
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The market is definitely turning around. Even firms specializing in acquisitions are making their move now. For instance, CBI Group, a real estate investment company has chosen Phoenix, AZ to acquire up to 175 foreclosed or undervalued single family homes. Their intention is to buy now as the market bottoms, hold the homes and rent them for five years, and sell the homes as the market recovers.
Thanks for the info, Angie! That ‘s very interesting and shows how the market is turning around.
PS
Ok, if you guys know so much, then how come you didn’t see the crash coming. I love when people proclaim themselves “experts” in real estate, yet they got caught with their pants down!
These articles are meant to do nothing but try to hype up the housing market. The simple fact is that there are WAY more phantom inventory homes out there that will hit the market in the next 3 years and blow away all current prices. If you are smart, you will wait until after the bottom falls out for the 2nd time before you even consider buying!
Thanks for your comment, Robert. I think if you read the entirety of my blog you will see that I try to post the current news and views about the market. You are welcome to post your analysis of what the market will do. My readers welcome input from all sides.