Phoenix Housing Market Could be Headed for a Major Supply Problem

 

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Currently, with the few homes for sale on the market, competition has grown increasingly fierce.  This equates into a Phoenix Housing Market that Could be Headed for a Major Supply Problem!  Buyers have recently turned to the new-home construction market from frustration.

While the investor trend seems to be waning, the supply problem persists.  It appears that the trend is that unless new-home builders can start keeping up with rising demand, there might be an occurrence of a Phoenix Housing Market which could be Headed for a Major Supply Problem.

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In Arizona only about 13,500 single-family homes were for listed for sale on December 1, 2012.   That’s down 7 percent year-over-year, but was still 8 percent better than November and up by almost one-third from September.

But supply may fall again early this year as the number of distressed properties that once flooded the market continues to dwindle.  This is another hint that the Phoenix Housing Market Could be Headed for a Major Supply Problem.

Reports show that there were 34 percent less completed foreclosures in November.   Statements also chronicle that almost 50 percent fewer homeowners had started the foreclosure process.  The reports say there has been a whopping 43 percent drop in overall supply of distressed properties.

What does this all mean?

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This means that the Phoenix Housing Market that Could be Headed for a Major Supply Problem.   Bargain deals in Arizona are now increasingly harder to come by.  The Arizona Listing Report from December 1 announced that the homes priced below $150,000 are only making up for a mere 6 percent of all supply — or about 810 homes .  The surge in Valley median home prices continued  climbing by about 3.5 percent  to $162,500.

This trend may gradually push out cash investors, who made up almost 30 percent of Valley home sales in November. This will then provide much relief for traditional home-buyers  who typically need financing, as fewer investors should mean a less competitive market in 2013.

The forecast is that as prices go up each month, price-sensitive buyers, such as investors, will be getting a little less enthusiastic.   That will mean that bargain hunters haven’t got much left to pick over.  This then allows more normal buyers to jump into the market before prices rise past what they can afford.

The fact that short-sale listings are down 70 percent compared to last year because many people have decided to hang onto their homes to let their values increase.  With a lack of new listings coming onto the market, the Phoenix Housing Market that could be Headed for a Major Supply Problem.

Your Best Advice:

  • Consult with an experienced and Successful Arizona Realtor. 
  • Choose a Real Estate Agent who keeps up with the constantly changing market. 
  • Talk to a Broker that is familiar the latest industry trends and utilizes new industry strategies.

MEET THE EXPERIENCED AND HELPFUL JEN WEHNER TEAM:

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Jennifer Wehner would be thrilled to speak to you about this exciting opportunity which currently exists in Arizona.  Jen Wehner has 10 years of Top Producing Sales Records.  Jennifer has been a multi-million Producer every year for 10 years.  Jen Wehner is noted for top 6% of Sales, most transactions, Top Producer, and #1 Scottsdale Agent.

Jennifer would be excited to discuss with you the options available for you in this housing market.  Do not hesitate to pick up the phone to speak to her and her expansive real estate knowledge.  Talk to a professional and dynamic Real Estate Agent to talk about the Current Phoenix Housing Market.  Jennifer will enlighten you and keep you informed of today’s current conditions.   Call Today!  480-748-6925