“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “
Catherine Reagor , The Republic | azcentral.com April 11, 2017
Valley home sales and prices are up and expected to keep climbing based on last month’s pace. Wochit
March was a great month for Phoenix: wonderful weather, spring training, and plenty of homebuying. Valley home sales and prices are up and expected to keep climbing based on last month’s pace.
March was a great month for metro Phoenix. The weather was wonderful. Baseball’s spring training was in full swing. And people flocked here to enjoy both.
To close out the month, we also had basketball fans starting to stream into the Valley for the finals of March Madness. And some of those visitors checked out homes as well as the college championship basketball games.
The final results aren’t yet in for Phoenix’s housing market in March, but real-estate analysts and agents are already calling it the third-straight month of a winning streak for sales and prices. And what happens in the Valley’s housing market during March is a good sign of what’s to come during rest of the year.
- Metro Phoenix’s median home price climbed to $245,208 in February, up about $1,500 from December 2016, reports real-estate expert Mike Orr’s Cromford Report.
- Valley home sales were up 12.5 percent during January and February compared with last year, according to the Arizona Regional Multiple Listing Service’s latest market report.
- So far this year, the number of homes for sale is down 10 percent from last year.
- Phoenix-area houses are selling an average of two days faster than last year.
- And one of the area’s hardest-working real-estate agents, Bobby Lieb of HomeSmart Elite, said he has sold 40 Valley houses so far this year, double from the same period in 2016.
“The market is very positive now. I am loving what I see,” Lieb told me.
But he and other agents and analysts are also cautious because no one wants a repeat of the boom and bust from 2004 to 2011. Also, not every Valley neighborhood and buyer group is the same.
Price increases for more-expensive homes, particularly those above $750,000, aren’t as big as they are for more-affordable houses.
Bidding wars were common for central Valley houses priced below $250,000 in popular neighborhoods.
“Our entry-level buyers are coming face to face with a full-blown sellers’ market,” said Tom Ruff, real-estate analyst with The Information Market of ARMLS.
So much so that some buyers are purchasing Phoenix-area houses in that price range without even seeing them.
Lieb said the “blind offers” can be problematic if the buyer ties up a home for a week or more, then sees it and cancels the deal. Those full-price cancellations can “taint” the home because other buyers think something is wrong with it, and the owner is going to expect higher offers.
Some will hear about the blind-buying trend and start to have bad memories of the boom, when it last happened in force. But then, home prices were jumping 10 percent a month. During all of last year, home prices climbed about 7 percent.
Orr doesn’t appear worried about a bubble and bust, and he analyzes the Valley home-sales numbers in many different ways, every day.
“Prices are moving gently upwards, and sales volumes are stronger than last year,” he told me.
Ruff, who also cautiously watches for any signs of the market overheating or rapidly slowing, said the Valley’s home-sales numbers are so strong now, he reran them four times to make sure they are accurate. They were.
As I was writing this column, Bob Beck of Glendale-based Front Porch Properties sent me an email about his strong forecast for Valley housing.
“I am assuming that home appreciation may be substantially greater than the current predictions — which range between 5.9 and 7 percent,” said Beck, who has been tracking the market since 1977 and regularly follows Ruff’s reports.
“If March is truly a bellwether month, the table will be set for a very good (housing) year,” he said about metro Phoenix’s market.
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QUESTIONS HELP PH
- FROM ME:
- Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( ccim.com) I have access to marketing not only in the United States, but also internationalClick here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
- WEEKLY LAND CLOSING UPDATE / THROUGH April 14, 2017 / Phoenix Arizona Metro, Maricopa County, Pinal County.
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
- The average age of the population is 34 years old.
- The health cost index score in this area is 102.1. (100 = national average)
- Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
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