Real Estate – Is it a Buyer’s Market?
If you follow the national news, real estate is a buyer’s market. But in the Scottsdale/Phoenix area, over the past several months, new trends are emerging. Scottsdale-area housing market is turning because of shrinking inventory. There are less distressed sales, and those that are desirable are under contract in a flash. Record sales were recorded in March and April (exceeding sales from the height of the market in 2005 – 2006).
While there are still distressed sales appearing, you’ll need to prepare yourself in advance so you understand our local market because to take advantage of a great deal you’re going to have to move on the transaction to beat out your competition. When we look at the property statistics they show us that we have move into a seller’s market once again, however, prices are still attractive and interest rates are still the lowest we have had in decades.
With our low interest rates today, higher demand for properties, and lower inventory, I anticipate property price increases as early the fourth quarter 2011.
Are there good buys to be had today? The short answer is yes, and if you want to look at foreclosures, short sales or distressed properties be prepared to be nimble and act quickly or you’ll miss the opportunity. Whether you are thinking of