UPDATE MAY 2012

The real estate market has taken a 180 degree turn in the last year, we are now solidly in a seller's market now in 2012 with many properties in the lower price ranges receiving multiple offers. What I think is particularly interesting is that the number of available active for sale listings is right around 12,800 today, down from about 18,000 about 2 months ago and the number of under contract and pending homes is over 20,000. What does this mean?

A little history: At the height of the bubble in 2005 there were only 5,000 active properties on the market and we were swamped with multiple offers on properties. In 2008 when banks were foreclosing and short sales were beginning we saw that number skyrocket to around 60,000 and of course buyers understandably wanted to wait and see what would happen before jumping back in. At that time the lending universe changed as well. The wholesale market practically vanished, that is, the world of mortgage brokers making loans or doing better than banks pretty much went away. What kept the market alive coming out of that time and going into the next phase are cash investors who swooped in and bought many of the bank owned properties and foreclosed properties that were abundant. The common term agents use when describing a lot of the active properties now are "fix and flip", which many times are bought at auction and renovated within 2 weeks and put up for sale. That activity has actually strengthened the market and is going to be the next engine for price appreciation.

There's a problem though for the fix and flip investors.............they are running out of inventory. There are a variety of factors that are contributing to the uptick we are seeing but make no mistake, the banks don't have nearly the backlog of foreclosures they did 2 years ago.  Also returning to the buyer market now are the first wave of short sellers that had to wait 3 years. Add in low interest rates and generally positive employment news the last 5 months --what we are seeing is the butterfly emerge from the cocoon. Think too about all of the buyers who bought since 2008 and what chance they will be future foreclosure candidates, very slim.

So the table has been set for a better world in real estate in my opinion, this is a great time to get back in as a buyer too.  Each cycle has it's own set of circumstances, for example 10 years ago you could provide a loan qualification letter within a few days of getting an offer accepted and that was OK.....not now.

If you want to buy a house you must have that documentation at the time of offer or you will likely not be considered. Particularly now in a competitive environment you must act quickly if the property is nice and well priced, they don't sit there for months anymore. If you see a property on the market for more than a couple months it will most likely have one or the other of these problems:

1) It's on a busy street, backing to, siding

or

2) It's overpriced junk.........not updated, beat up, unloved

Another 2 cents........if you are thinking of selling, make your house attractive! If you want suggestions on what to do just go to some model homes and look at how they are staged. You don't need to spend a lot of money but you should at a minimum, make everything shine and put away a lot of your possessions. (Just looking around my office I'm definitely not ready to sell today.........Ha!)

Pricing is important too but where a year ago it was critical now I think the atmosphere is changing and you can be a little more aggressive.......not much as an appraisal will be a factor but the bloom is back on the rose so to speak.........so..................

Happy selling! 2012 will be the turnaround year in Arizona I predict.  I had sold my 3 rentals houses in 2006 before the storm but am looking again as this is a great time to invest.


If you are buying or  selling real estate please give me a call/text 602-697-0962 or drop an email to me at tim@arizonarelo.com
I am a very experienced Buyer's Agent, father of two, married to Dianne from Vancouver, BC, Canada, longtime N. Scottsdale homeowner

Thanks! Tim 

Tim Henry, Broker
Arizona Relo Realty

602-697-0962 Direct      Toll Free   1-800-607-6560
Email: Tim@ArizonaRelo.com

Experience: 17 Years Full Time

1998-2009 Realty Executives, Scottsdale Ranch
2005 Double Diamond Award Top 1%, 2004 Diamond Award, Executive Club, 100% Club Awards
1994-1998 Century 21 Alliance and Investment Group
1996 Centurion Award Top 1%, Sold to Most Buyers Award
1994 Remax Sunquest Properties

 

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