Another crazy month has just gone by here in Phoenix metro, and all we hear in the news is “The market is showing signs of picking up.” Oh well, instead of harping on the news media, let’s celebrate the fact that our market has completely turned around! Last month, 8,176 homes exchanged hands. This is almost twice as many homes sold than May of last year, and more than three times the valley that was January, 2008.
History of Homes Sold in Phoenix
So why has this happened? Obviously, the mood in the market has certainly turned around. Without the constant bombardment that our economy will collapse, the resilient American people are ready to buy again. Home prices are also approaching historic levels, and many people are starting to see that buying a house is less expensive than renting! We are still seeing the true investors buying properties as well. Of all the homes sold last month, 3113 were bought in cash. That’s almost 2 out of every 5! So the next time somebody tells you that the market is slow, just smile and nod because you are now armed with valuable knowledge and are months ahead in the real estate world.
People trying to sell their homes are having to substantially lower their initial price aspirations to get the property away, new data shows .Living and buying close property may have its advantages a better investment – at least in the current market