Well you can ask any real estate agent out there and most will say it is a sellers market. Nearly every residential resale home you submit an offer on under $300k has multiple offers on it. Below is a chart showing the reason why the Arizona real estate market is strating to heat up.
You will notice the supply has come down a lot over the last few years month. Another positive takeaway from this chart is you will notice the turquoise (New Listings) and blue line (Sold Listings) are merging closer together which is a very positive sign (means the supply and demand is starting to equalize). There are still many foreclosures coming up the pipeline at all of the major banks and recently a surge of foreclosure notices was reported in August which could be a leading indicator that it may be some time before real estate prices start to see much of an increase.
Arizona Real Estate Stats Update below:
On the positive side this market is ideal for the buy and hold real estate investor:
- Interest rates are at an all-time low
- Banks are starting to offer better mortgage options with attractive down payment options
- Super low real estate prices in Arizona lead me to believe that Arizona will continue to attract flocks of Canadian and other international investors looking for physical assets they can control and generate a good ROI.
Feel free to call a member of the Keith Jackson Realty Team at 480-363-2019 and we would be happy to help you achieve your real estate investment goals.