Looking to buy while the market is down? Now is the time to buy. Here in the Metro Phoenix Area prices are on the rise and the numbers of homes for sale are dropping dramatically from the last couple years. As of January 2012, we are looking about 18,849 homes currently on the market. While the number of homes is dropping, the number of buyers is staying steady. There is estimated to be 30,000 – 35,000 home buyers looking at any given time, meaning there are not enough homes available for the number of buyers in the market.
In late 2007 early 2008 there were nearly 50,000 homes for sale on the market with a medium asking price of $267,000. One year ago the medium asking price is $139,900 with about 32,000 homes on the market. As of January 2012, the median asking price has increased to $177,200 and there are less then 19,000 homes on the market, you do the math.
What happens when there are more buyers than homes for sale??
Let’s look at an Example…
Let’s say there is a particular home for sale that is close to Arizona State University Campus that is in great condition and has 5 bedrooms and 2 baths and is priced reasonably for today’s market. This would be a perfect home for an investor looking to rent out to college students as an income property. In today’s market there will be more then one investor looking to buy this property. This means there will be multiple people putting offers on the home. When there are multiple offers a multiple offer situation will be created. When there is a multiple offer situation, your realtor will come back to you and ask for your highest and best offer creating a bidding war with the other investors putting offers on the property. If these investors really want the property they will raise their offer to win the bid.
What is the Result…?
This is raising the prices of homes all over the Valley. If the inventory stays low and the number of people looking for homes stays higher, this will keep pushing home values back up as demand rises.
Why Buy Now?
No one can predict the market, but as trends are showing you will miss out on these historically low home prices. Now is the time to find the perfect home for you, whether it be for an investment, your first home or your starting a family and looking for something larger.
Home prices are very attractive to many buyers in Maricopa as well as in other places around the US. As inventories continue to increase prices will decrease as the demand for new homes goes down with so many foreclosures on the market today.
It appears that most of the states is going through a housing crunch, however it is nice to see that some areas are still able to sell. I feel for the people, I hope things turn around for the better soon. If people could only learn to live within their means. This system of debt is certainly not helping things.
Jordan´s last [type] ..Grateful for What We Have
I hope that the foreclosure with just remain to its stage rather just get low so that it will not be heavy to a family.
gabby´s last [type] ..Surgical Gloves
I have the same advice for everybody who have been dreaming to own a home. Now is the right time to buy.
Indeed forecasts have been true. Even major cities are getting crazy demands for homes for sale and other properties. This time is a great opportunity for investors and home buyres.
It looks like a good place to stay and the prices are very tempting. Where can we see more information about this houses?
Mary W. Mason´s last [type] ..SEO Company
i have the same advice to every body than q a nice post,
The excellent article assisted me very much! Bookmarked the blog, extremely great topics just about everywhere that I read here! I really appreciate the information, thanks
Its really different having your own house, Its a kind that you can do all you want with out thinking of others do.
Maegan87´s last [type] ..ppi claim
Now is definately the time to buy if you want to pick up a bargain. I’ve been looking in the Maricopa County area for over a year and there’s a noticable upward trend in prices lately.
Beth´s last [type] ..How to Get an Ex Back That Dumped You
This is not the only market with multiple offers appearing for the good homes for sale. Even with a slightly higher price, homes purchased right now are awesome bargains!
Prices are real good this year that properties are selling really fast. Blessed year indeed. More to come.
2012 is the year all of real estate is waiting for. More closed deals, more properties sold. Nice
You might also want to check Florida, Texas and Idaho. Realtors close a minimum of 2 deals per week!
This house looks l like a good place to me…Thanks for sharing this nice post to us..
Tisha´s last [type] ..Gadget Reviews
I agree, people should buy now! The prices are at an all time low!
denver nc real estate´s last [type] ..Hello world!
We are seeing the same thing in my neck of the woods. Good News for buyers if they act quickly.
So do you think it’s still time to buy? I think so!
The prices of the house are very tempting. I think it is fun to buy house there.
Brenda´s last [type] ..Healthy Recipe Guide:Chicken Couscous Lunch
I don’t think its no-brainer for anyone. Real Estate is cheap now, interest rates are at all time lows, what else are people waiting for? Invest now!