How has the market changed? What going on with home prices? These are the typical dinner questions we get once someone knows we are Realtors. It’s been a long time since we could say anything good about the market. Lately there’s been a certain “spring” in our voice when those questions are asked.
The Phoenix real estate market has changed this year about as fast as it did back in ’05-06 and it’s starting to concern some people. As a good example Lynn listed a home in Peoria Thursday night and by Friday night she had 5 offers, all over asking price with some way over asking price. This has become typical in our market over the last couple of months and it’s starting to effect how first-time buyers are able to get the home of their dreams.
The link below will take you to a document that shows the results for the 1st quarter of 2012 and also compares it to the 1st quarter of 2011 for the Phoenix, Arizona real estate market. You’ll see that our market has improved greatly and if you’ve been on the fence waiting for the bottom I’m afraid you’ve missed it. So the only question is “How long will the prices go up before you realize we’ve bottomed out”?
Click here to download your FREE copy of the real estate market report!