According to the latest reports from Mr. Michael Orr
with ASU’s W.P. Carey School and The
Cromford Report and Mr. Tom Ruff, real-estate analyst with The Information
Market owned by ARMLS, Phoenix has recovered 65% from the housing debacle.
Homeowners that purchased before May of 2004 and did not refinance between
2005-2009 should have equity in their homes. In 2009, 50% of Phoenix homeowners
were under water. That number has dropped to 19%!
Our inventory here in Phoenix is now considered normal,
meaning we have about 30,000 homes and condos listed for sale in the MLS. This
year has been a slow market as our demand is way down from California, Canada,
and investors. Millennials, the age group for 18-35, are renting or have moved
back with Mom and Dad. Before the crash, everyone wanted to own a home. Now
they want to have the freedom to travel and change jobs and cities easily.
Of course there is no way to know when our market will pick
up but traditionally the best time to sell in Phoenix is January through June
or even July. We are confident that 2015 will usher in buyers that have been
holding back for whatever reason as well as the 50,000 plus folks that were
foreclosed on and now can buy again.
If you want to know more about our market or your
neighborhood/zip code in particular, Please do not hesitate to call. Pass this
information to your family and friends to give them the scoop on the national
and local housing markets!
