Just like many other potential Phoenix home buyers, you may be wondering if now is a good time to buy Phoenix real estate.
If I could successfully speculate where the Phoenix real estate market was going to be in three years, I would be aggressively planning my retirement launch party. However, I can tell you what we are seeing as far as significant changes in home buying across the Greater Phoenix Valley.
Across the board, if a home is in a centrally located and highly desirable area, and the home is priced at or below current market, buyers and investors alike are moving quickly and homes are contracting at a much more rapid rate than they were even 12 months ago.
We have a residential rental market that has been moving as if there is a huge shortage of good rental property meant to house couples and small families. We are seeing strong cash buyers come in and purchase rental property up to the mid $300,000 range with long-term real estate rental contracts moving easily for as much as $2,000 per month.
So what does this mean? Well, if you are a Greater Phoenix home buyer and you are shopping for the standard three bedroom, two bath home under 2,000 square feet in size, and your price range is below $300,000, you may want to take a serious look at homes right now because those are the homes that are selling and with the large number of cash transactions coming into the Valley buying up that particular type of Phoenix real estate, there certainly seems to be a strong enough foundation to support current equity levels (within that lower price range).
Also remember that we are approaching the time of year where we experience the greatest number of closings. With school summer breaks quickly approaching, the number of buyers of Phoenix homes for sale should increase substantially over the next four months.
Contact us if you are contemplating a buy or sell of Phoenix real estate so we can get you the latest real estate closing data; you can see for yourself, how homes are moving in different areas and at different price levels across the Phoenix Valley.