Single-family home sales in the Phoenix Area has risen ONE PERCENT in May over April 2017 and ELEVEN PERCENT from May 2016 to May 2017.
The market is moving very fast once again, especially under $250,000. Homes are lasting only one or two days on the market. As the price ranges increase, so does their time on the market.
What about the Investors?
Investors are still in the Phoenix market but are fewer in numbers. The large scale institutional investors made up the majority of Phoenix buyers after the crash (purchasing thousands of homes and turning them into rentals). Many of the homes these investors purchased were relatively new construction because of the the number of builders flooding the market during the last boom. Today, investors are setting their sights on the mid-range market – buying older, distressed properties and fixing them up. You could call it home flipping with a twist. There’s a lot more work that needs to be done on the part of the home investor. Many homes require their roofs to ripped off and ceiling raised and replacing all the cabinets and flooring with newer, trendy styles that appeal to today’s buyers.
First-Time Buyers Need to “Catch the Bus”
First-time home owners are now paying the tab for the investor upgrades. Many new buyers can’t keep up with the fast market and rocketing prices. Some buyers just give up in frustration and continue to pay high rent and others require agents like Troy Elston at West USA Realty in Peoria AZ to guide them though shark infested waters finding them the best deals possible. Whether you’re a traditional home buyer or an investor in Phoenix, one thing is clear – it’s not getting any easier to acquire your next home without the help of an experienced Realtor like Troy Elston.
Originally Posted in 2017