It just keeps getting better in Phoenix.
I recently wrote a blog about the Phoenix real estate turn around (http://www.valleywideforeclosures.blogspot.com/) and can it come out of the current state it is in quickly. Well just a week or so later I caught this in Nightline
http://abcnews.go.com/Nightline/ I think we are moving in a forward direction quickly.
Something else to think about: With the amount of activity in the Phoenix market today pricing will be affected. Now the federal Government raised interest rates the time is now to buy (see my blog from March 10th)
Happy Investing
Chris BiancoChris Bianco is the senior vice president of Valleywide Foreclosures. Chris and the Valleywide foreclosures team have been servicing there clients with Foreclosures and discounted properties through out the greater Phoenix area since 1992. To contact Chris please email him at chris@valleywideforeclosures.com Chris is also a member of linkedin. Be sure to visit our website at http://www.valleywideforeclosures.com/ for other articles and information visit our blog at http://www.valleywideforeclosures.blogspot.com/
Friday, May 29, 2009
Thursday, May 21, 2009
Can Phoenix climb out of the Real Estate bust as fast as it got in it?
Can Phoenix climb out of the Real Estate bust as fast as it got in? Some very strong numbers are coming out of the Phoenix Real Estate market indicating that we are in a strong recovery. New home construction numbers continue to dip as reflected in the National Housing report. However the resale market is getting stronger by the month in Phoenix. Here is some eye catching numbers.
Active listings are down 11% from last month and down 27% from a year ago. Pending sales are up 4% from last month and up 48% from last year. Sales are up 14% from April and up 42% from last may. What does this mean? Inventory is shrinking and activity is increasing, dramatically.
Here is something alarming if you are an investor. The average price per square foot is rising. The Price per square foot last quarter was $174.25, last month $177.80 and as of May 17th. $181.22. What does this mean? Although pricing is moving up home values are still historically low in the Metro Phoenix area.
There is no reason to believe that Phoenix can’t recover quickly. Arizona has a whole is nationally ranked in the top 3 in growth rate. http://www.census.gov/Press-Release/www/releases/archives/population/011671.html Phoenix also ranks in the top 5 for Business relocation. http://www.entrepreneur.com/slideshow/164656.html
Housing affordability, climate, as well as cost of living make the Metro Phoenix area one of the most desirable places to live among the nations larger cities. This might be several reasons why the Phoenix housing market is showing signs of recovery.
The driving force in the activity in the Phoenix Housing market is first time home buyers and investors. Its well read what the Government has done to stimulate the first time home buyer market with tax credits and other incentives. Many investors are entering the Phoenix housing market to take advantage of early pricing and ample supply.
Numbers are only numbers. We still have too much inventory. New home sales are still way down. Construction permits are at all time lows and foreclosures are increasing and still coming. Maybe the Phoenix real estate market is a little like an artichoke, on the surface there is thick, course, spiny leaves but underneath is a soft heart that just might have a beat.
Happy Investing
Chris Bianco
Valleywide Foreclosures
Active listings are down 11% from last month and down 27% from a year ago. Pending sales are up 4% from last month and up 48% from last year. Sales are up 14% from April and up 42% from last may. What does this mean? Inventory is shrinking and activity is increasing, dramatically.
Here is something alarming if you are an investor. The average price per square foot is rising. The Price per square foot last quarter was $174.25, last month $177.80 and as of May 17th. $181.22. What does this mean? Although pricing is moving up home values are still historically low in the Metro Phoenix area.
There is no reason to believe that Phoenix can’t recover quickly. Arizona has a whole is nationally ranked in the top 3 in growth rate. http://www.census.gov/Press-Release/www/releases/archives/population/011671.html Phoenix also ranks in the top 5 for Business relocation. http://www.entrepreneur.com/slideshow/164656.html
Housing affordability, climate, as well as cost of living make the Metro Phoenix area one of the most desirable places to live among the nations larger cities. This might be several reasons why the Phoenix housing market is showing signs of recovery.
The driving force in the activity in the Phoenix Housing market is first time home buyers and investors. Its well read what the Government has done to stimulate the first time home buyer market with tax credits and other incentives. Many investors are entering the Phoenix housing market to take advantage of early pricing and ample supply.
Numbers are only numbers. We still have too much inventory. New home sales are still way down. Construction permits are at all time lows and foreclosures are increasing and still coming. Maybe the Phoenix real estate market is a little like an artichoke, on the surface there is thick, course, spiny leaves but underneath is a soft heart that just might have a beat.
Happy Investing
Chris Bianco
Valleywide Foreclosures
Wednesday, May 6, 2009
Wow lots of things are happening!!!
Wow lots of things are happening!!!
It’s been a little while since my last post but we have been extremely busy.
As many of you know not only do we provide our clients with great deals we also build rental portfolios for clients and we do our own fix and flips. The retail side of our business has been going crazy. Last week we sold 7 properties in 9 days. We have not had a week like that in years.
I just want to let everyone know what is selling and what we sold. We sold 2 wholesale deals that needed fix-up to a client that is building a rental portfolio. We sold another wholesale deal to a client that will fix & flip it. We sold 3 of our retail properties to end users. And we sold a retail property to an investor that will use it has a rental. What a great week. The great thing about our sales was the verity of types of sales.
We sold properties to both “fix & Flip investors as well as portfolio investors. We also sold properties to end users. The national housing report for the month of April was again very encouraging. Home sale were up pending sales were up. The stock market responded positively to the report with gains again on Monday. Our own Phoenix market has been doing better than the National average based on population growth and affordability. Are these indicators a sign of a strong recovery?
The real advantage for any buyer, investor or end user, is the pricing and inventory. Inventory is feeling the impact of a recovering market. Many bank deals are now receiving multiple offers and overbidding is creeping back in again. Realtors are now suggesting writing offers above the list price to insure a deal. The number of months of inventory has declined again in April. History tells us that as inventory declines pricing will be affected. The good news is it will be a buyers market for some time to come however the best deals are going fast now a days. Don't foreget to visit our website.
Happy investing
Chris Bianco
www.valleywideforeclosures.com
chrsi@valleywideforeclosures.com
It’s been a little while since my last post but we have been extremely busy.
As many of you know not only do we provide our clients with great deals we also build rental portfolios for clients and we do our own fix and flips. The retail side of our business has been going crazy. Last week we sold 7 properties in 9 days. We have not had a week like that in years.
I just want to let everyone know what is selling and what we sold. We sold 2 wholesale deals that needed fix-up to a client that is building a rental portfolio. We sold another wholesale deal to a client that will fix & flip it. We sold 3 of our retail properties to end users. And we sold a retail property to an investor that will use it has a rental. What a great week. The great thing about our sales was the verity of types of sales.
We sold properties to both “fix & Flip investors as well as portfolio investors. We also sold properties to end users. The national housing report for the month of April was again very encouraging. Home sale were up pending sales were up. The stock market responded positively to the report with gains again on Monday. Our own Phoenix market has been doing better than the National average based on population growth and affordability. Are these indicators a sign of a strong recovery?
The real advantage for any buyer, investor or end user, is the pricing and inventory. Inventory is feeling the impact of a recovering market. Many bank deals are now receiving multiple offers and overbidding is creeping back in again. Realtors are now suggesting writing offers above the list price to insure a deal. The number of months of inventory has declined again in April. History tells us that as inventory declines pricing will be affected. The good news is it will be a buyers market for some time to come however the best deals are going fast now a days. Don't foreget to visit our website.
Happy investing
Chris Bianco
www.valleywideforeclosures.com
chrsi@valleywideforeclosures.com
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