The Scottsdale real estate market is moving incredibly fast this month, especially in the lower end price ranges. Many potential Scottsdale home buyers who have been sitting on the sidelines waiting for the market to hit bottom have missed it and are now in a heated competition with investors for low price properties. Scottsdale is being inundated with real estate investors who are ready, willing and able to pay cash for homes. Sellers prefer cash buyers because it is a quicker close of escrow and no appraisal is required. Traditional financed buyers are thus being overlooked by Sellers.
Home sales are averaging 7,500 a month in Maricopa County. This is the highest level since the peak of 2005-06. But the number of homes for sale is at the lowest level in more than a decade. There currently are about 23,000 homes for sale in metro Phoenix, one-third of the area’s housing inventory in 2009. With demand for houses high and supply so low, many are drawing multiple bids. That is not to say the bidding wars are driving up prices in the overall housing market nearly as much as they did in boom times. Median resale prices remain near the bottom of the lows to which they fell after the housing crash and wave of foreclosures that began in 2007. Investors and traditional homebuyers recognize now is the time to buy. The Scottsdale home market is shifting and prices have started to rise incrementally.
Call me to schedule a showing of any Scottsdale homes for sale.
Carmen Brodeur JD
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260