March Madness is the buzz of the college basketball world this time of year and in 2010, we saw a similar frenzy of enthusiasm in our Phoenix real estate market as buyers clamored to purchase properties prior to the expiration of the tax credit. Without a similar incentive this year, it is encouraging to see all the activity in the real estate market right now... multiple offers, homes selling above list price, contracts in one week! Wait a minute, could this be true???
While available residential inventory continues to decline, the market's absorption rate continues to increase with March home sales volume projected to be nearly 7,000 closed transactions, which represents almost 90% of the activity in March 2010. Our inventory has dipped to under 28,000 homes for sale or less than 50% of the nearly 60,000 which were listed in Maricopa county at the outset of 2010. 
We anticipate seeing an influx of bank owned assets enter the market this year, however, pent up demand from homebuyers who have been "on the fence" coupled with an ever-increasing presence of investment dollars in our Phoenix metro market will result in a rapid consumption of the available opportunities. After spiking at the end of last year, interest rates have settled back to some of the best rates we've seen in our lifetimes. So what does this really mean for you and me? Here's the deal....
1) If you know someone who needs to sell, the 2nd quarter of the year is generally the most active in our market. With inventory dwindling, the window of opportunity could be open to achieve a quick sale. And, we offer 7 different alternatives to homeowners who owe more than their home is worth.... check out www.searchinggreaterphoenix.com for more info on that. In addition I am a designated short-sale specialist, with a comprehensive background to get the banks to work with you.
2) For folks who are looking to buy or move-up, your timing couldn't be better. We can help you become educated and informed to set yourself up for success in finding the right home at a great value. There are lots of nuances to today's market and knowing the ins & outs can make a critical difference in achieving your goals. We're happy to help....
3) I hear many people lamenting the poor performance of investment vehicles they have relied upon to build there wealth, often because their chosen path has led to the opposite. If the idea of a tangible, viable, sensible investment appeals to you, we'd be happy to share how our clients are making great returns and positioning themselves for longer term wealth creation by capitalizing on the opportunity and current market trends. There are lots of options available for participating on a more passive or active level, depending upon your personal preferences..... contact us to arrange a for the many blessings we enjoy every day - our health, our family, our friends, our clients & the beautiful spring weather in AZ!
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