PHOENIX REAL ESTATE MARKET

We’re continuing to see increased activity

within the Phoenix real estate market.  Of course, the lower priced homes are selling extremely well due to an influx of first time home buyers taking advantage of the $8,000 tax credit.  In addition, we’ve seen some investor activity.  They are buying low, repairing the REO properties and renting until the market improves.  Usually, if they are getting a property for as low as $50k, it’s already increased slightly and then when it’s updated, it will only continue to increase in value.  

I saw a chart on the crazy increase in value that we experienced from about 2005 to 2007.  A normal increase in value has stayed steady at around 25%.  We then saw a spike of increase in value to 80%.  This is part of what did the market in.  There was no support for that.  So, it will take longer than expected to correct.  The experts are saying up to 5 years.  

I’ve had several first time home buyers and they are getting amazing deals.  If you’re fence sitting, it’s time to take the plunge!