Peoria Arizona Real Estate Market Report August 2011
By looking deeper into the year to year stats of homes sales in Peoria AZ you will discover a huge closed percentage - 29% more closed homes in August 2011 from August 2010. Looking at Pending Sales you will find that there are 20% more homes pending in August 2011 then there were in August of 2010.
Active Listings in Peoria AZ are down a whopping 40% from 1 year ago.
We all know the media likes to 'take a bite' on any negative piece of news to make it appear as if the real estate market is doom and gloom. It is not! We expect sales to continue on a upward trend this next year due to low home prices and low interest rates.
Many Peoria homes have had multiple bids if they're priced right, in good condition and location. For instance, recently a client of mine was up against 8 other bidders for a a great home close to schools and work. They were at the top of their price range and just couldn't go any further up in price so they lost out on their first try. They didn't get discouraged but rather bid on a few other homes and are finally under contract on another home. Success does happen if you are patient.
My advice to buyers is that if you find the home you like, and the comparables prove to be in line with the market, don't wait to make your offer - if this truly is your dream home or a hot investment property that fits into your portfolio. It may take a few bids to finally win a bid on a home but in the long run it's worth the effort. Patience will pay off. And of course if you're looking for a hard working, dedicated real estate agent that knows the Peoria AZ real estate market and knows how to navigate multiple bids - give me a call.
Let's meet for coffee and discuss your game plan for buying a Peoria AZ home!
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