A Seller's market??? Yes it is! At least here in the Phoenix area.
In spite of all of the negative news and end-of-the-world reporting, we're selling off our inventory at a pace which we saw during the boom! We need roughly 45,000 active listings in order to supply our Buyers. We're currently under 20,000 active listings!! Granted, most of the listings are distressed properties, with the largest chunk being short sales, but they're moving quickly.
It's possibly the oddest seller's market ever! As I said, most of the Sellers can't actually afford to sell their home at current market value. Prices are not on the rise, nor are they falling. But, the fact remains... If you list a property and it's priced well, it's gone.
Demand > Supply= Seller's Market.
What's fueling it? Investors (smart ones).... oh, and Canada, also-retirees who are sick of earthquakes, floods, tornadoes, hurricanes and snow, (Apocalyptic Weather Phenomena)
A.W.P= relocators!
We're also seeing a solid influx of young professionals and families. Intel is reportedly building an additional, 5 Billion Dollar manufacturing facility, projected to add 14,000 new positions.
Job creation = $$$$$.
So... you say Phoenix is still growing?? Yes it is. Even though we're ground zero for the foreclosure debacle! We have a steady supply of distressed properties, creating huge opportunities for investors and new home owners alike. New businesses are starting up, Large companies are expanding here and people are coming. My last 4 flips were each purchased by out-of-state, relocating buyers. (Multiple offers on each one by the way!)
Multiple offers to me = :)
Sure, it's hot in the summer, (111 today) but not for long. In a few weeks, we'll start cooling off. After that, we'll enjoy 6 to 7 months of bliss. No blizzards, tornadoes, earth quakes, floods, hurricanes, or typhoons! As they say here, "You don't have to shovel the sun shine!"
There's really no such thing as a "national real estate market". Real estate is local, actually hyper-local. Right now is a great time to be involved in real estate, in the Phoenix area. Everything is selling, including my flips! :)
Is any one else experiencing a similar market?
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