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Phoenix Residential Market Report ~ August 2012

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the real estate boom from 2004 to 2006. From March to June of this year the residential real estate market experienced another buying frenzy caused without government intervention or relaxed mortgage underwriting standards. Currently the number of transaction is slowing back down to number of transaction experienced around the same time a year ago but the market is still very competitive with multiple offers and prices are remaining high. This slow down in number of transaction could be cause by the upcoming presidential election.

Since January 2012 (8 months ago), the average sold price has increased approximately +16.7% (down from last month), the average days on market have decreased approximately -23.9% (down from last month) and the number of transaction has increased approximately +18.2% (up from last month). The largest average price increase over the last 12 months was experienced in March from $168,961 in February to $184,078 in March.

The volume of REO purchases since January 2012 has decreased approximately -42.4% and the volume of short sales have increased approximately +17.3%. The volume of REO purchases are shrinking due to the increased volume of trustee sales, more banks are accepting short sale transaction and an existing supply of inventory is getting purchased at a faster rate.

The current supply of homes for sale on the market is 20,582 where a year ago there were approximately 48,000 homes on the market. Since the January 2012 (8 months ago), the number of homes for sale on the market has decreased approximately -13.7% (up from last month). As more and more buyers enter the market and as more of the supply of residential homes are exhausted, real estate prices will continue to increase at a faster rate (as currently experiencing).

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low (not for long), mortgage rates are at a historical low and the market is improving both in terms of prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

PositionRealty.com
Office: 480-213-5251

Phoenix Real Estate Market Report ~ June 2012

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Phoenix Real Estate Market Report

As you can see from the first chart above, Position Realty Market Index, the first time home buyer tax credit created a great deal of demand in the market similar to the Phoenix real estate boom from 2004 to 2006. Currently, the residential real estate market is experiences another buying frenzy that is caused without government intervention or relaxed mortgage underwriting standards. The Phoenix real estate market has reached a level of equilibrium where demand exceeds supply and all buyers are rushing into the market to take advantage of low prices.

Since December 2011 (6 months ago), the average sold price has increased approximately +25.1% (up from last month), the average days on market have decreased approximately -9.8% (down from last month) and the number of transaction has increased approximately +8.1% (up from last month). The largest average price increase over the last 12 months was experienced in March from $168,961 in February to $184,078 in March.

The volume of REO purchases since December 2011 has decreased approximately -40.8% and the volume of short sales have decreased approximately -5.8%. The volume of REO purchases are shrinking due to the increased volume of trustee sales, more banks are accepting short sale transaction and an existing supply of inventory is getting purchased at a faster rate.

The current supply of homes for sale on the market is 20,512 where a year ago there were approximately 48,000 homes on the market. Since the December 2011 (6 months ago), the number of homes for sale on the market has decreased approximately -17.7% (down from last month). As more and more buyers enter the market and as more of the supply of residential homes are exhausted, Phoenix real estate prices will continue to increase at a faster rate (as currently experiencing).

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Phoenix Real estate prices are at an all time low (not for long), mortgage rates are at a historical low and the market is improving both in terms of prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Phoenix Real Estate Market Report ~ May 2012

Phoenix Residential Market Report Summary

As you can see from the first chart above, Position Realty Market Index, the residential real estate market is currently experiences another buying frenzy that is caused without government intervention or relaxed mortgage underwriting standards. Consumers are jumping into the real estate market because market statistics are indicating the market has hit bottom. As found in the Average Sold Price chart above, real estate prices have been increasing steadily since October 2011 due the increase in demand. The current supply of homes for sale on the market is 19,741 where a year ago there were 48,000 homes for sale.

Since November 2011 (6 months ago), the average sold price has increased approximately +18.7% (up from last month), the average days on market have decreased approximately -7.7% (down from last month) and the number of transaction has increased approximately +15.9% (down from last month). The largest average price increase over the last 12 months was experienced in March from $168,961 in February to $184,078 in March.

The volume of REO purchases since November is down -17.7% and the volume of short sale is up +3.8%. The volume of REO purchases are shrinking due to the increased volume of trustee sales, more banks are accepting short sale transaction and existing supply of inventory is getting absorbed at a faster rate.

The real estate market has reached a level of equilibrium where demand exceeds supply and all buyers are rushing into the market to take advantage of low prices. As more and more buyers enter the market and as more of the supply of residential homes are exhausted, real estate prices will continue to increase at a faster rate (depends on the sustained level of demand).

Trying to “time the market” for the perfect time to buy is nearly impossible but there is no better time than now to purchase. Real estate prices are at an all time low (not for long), mortgage rates are at a historical low and the market is improving both in terms of prices and the overall economy. Time to buy is NOW!! Give us a call to discuss your best buying strategy, TODAY!!

Sean Heideman, Broker ~ Office: 480-213-5251 ~ Sean.Heideman@PositionRealty.com

Buffett: ‘I’d Buy Up a Couple Hundred Thousand’ Homes

Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC’s “Squawk Box” recently that he’d “buy up a couple hundred thousand” single-family homes if it was practical.

Buffett said that’s because he believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right now.

“Housing will come back, you can be sure of that,” Buffett wrote in his annual letter to shareholders recently.

Buffett forecasts an increase in household formations, as more people who moved in with their parents or family members during the recession look to move out and get their own home soon.

“People may postpone hitching up during uncertain times, but eventually hormones take over. And while ‘doubling-up” may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure,” Buffett said.

Buffett said the recovery in the housing market could vary quite a bit among local housing markets, however. He did not provide a timeline of when he expected a full housing recovery, admitting that his prediction last year that a housing recovery will take shape within the year turned out to be “dead wrong.”

Some real estate investors in the Phoenix Real Estate market are purchasing as many single family homes as they possibly can. The market here is extremely competitive now and we are seeing multiple offers on homes. The time to buy was when no one else wanted to purchase real estate in Phoenix. According to the Case Shiller market index, Arizona was one of the two markets that saw prices increases in February. The time to buy was a year ago but there is still time, but its just more difficult with increased competition.

Housing Affordability Reaches New Records

Housing affordability rose to a record high during the fourth quarter of 2011, which means a home buyer’s purchasing power is greater than it ever has been before, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

The index showed that 75.9 percent of all new and existing homes sold in the fourth quarter were affordable to families earning the national median income of $64,200, according to the index. That marks the highest percentage recorded in the index’s 20-year history.

“While today’s report indicates that home ownership is within reach of more households than it has been for more than two decades, overly restrictive lending conditions confronting home buyers and builders remain significant obstacles to many potential homes sales, even with interest rates at historically low levels,” says Barry Rutenberg, chairman of the National Association of Home Builders.

Most Affordable Cities

According to the index, the most affordable major housing market was Youngstown-Warren-Boardman, Ohio, in which 95 percent of all homes sold during the fourth quarter were affordable to households earning the median family income of $54,900, according to the index.

Other top affordable housing markets include: Lakeland-Winter Haven, Fla.; Phoenix, Arizona; Modesto, Calif.; Harrisburg-Carlisle, Pa.; and Toledo, Ohio.

Least Affordable Cities

However, some metro areas still remain too pricey for buyers. The least affordable major housing market during the fourth quarter was New York-White Plains-Wayne, N.Y.-N.J., in which 29 percent of all homes sold were affordable to those earning the area’s media income of $67,400.

Other high-priced metro areas at the bottom of the affordability index include: Honolulu; San Francisco-San Mateo-Redwood City, Calif.; Santa Ana-Anaheim-Irvine, Calif.; and Los Angeles-Long Beach-Glendale, Calif.

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