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The kids aren’t buying homes: Generation Y may be holding back the housing recovery

The number of “missing households” — that is, Americans who would be owning or renting a home now if prerecession economic trends had continued — hit 2.4 million as of March, according to an analysis of raw monthly government data by real-estate marketplace Trulia. That is down slightly from its peak of 2.6 million in 2011, but up 100,000 from the year prior. And 18- to 34-year-olds account for more than half of the missing households, according to the data. “Household formation is the most important indicator of … [Read more...]

Is The Phoenix Real Estate Market In Another Bubble?

According to Michael Orr, Director of Real Estate at W.P. Carey school of business at Arizona State, we are not even close to a bubble at this point.  Michael has thus put together a 'top ten' list of reasons why we are not currently in a bubble.  CLICK HERE to read his findings. … [Read more...]

Metro Phoenix luxury home sales on the rise

The number of metro Phoenix luxury houses for sale is on the rise, something real estate analysts say is a good sign for the market because fewer of the houses are foreclosures or short-sale listings. At the beginning of April, there were 2,267 houses listed at $500,000 or more on the market, a 3 percent increase from March, according to the latest report from a local real estate firm and Arizona State University housing analyst Mike Orr. Of the upscale houses for sale, 90 were short sales. That compares … [Read more...]

Selling your home? The cards are in your favor

Selling your home? In most parts of the country, you have finally regained the upper hand. So says Beth Braverman, CNN Money on April 8, 2013: 4:33 PM ET. To get your best price, though, you need to finesse your timing, list competitively and match your marketing strategy to local conditions. Lower your sights to make more money. Rising prices breed rising hopes: In a recent poll, brokers complained that 75% of homeowners think their agent's recommended listing price is too low. Pricing your property above … [Read more...]

7 Metros With Fastest Rising List Prices

Nationwide, median asking prices continue to rise, reaching $189,900 in February. Meanwhile, inventories of for-sale homes on the market are reaching record lows, Realtor.com reports in its latest analysis of February MLS data. The markets seeing some of the largest increases in asking prices are the areas seeing some of the largest declines in inventories. California housing markets continue to post some of the largest price increases in the past year, but other strong performing markets also include Phoenix, … [Read more...]

Homes Selling Faster As Buyers Outweigh Supply

According to Realtor.com, homes sold faster this February than any other February since 2007.  This should be very familiar to Phoenicians who have sold or bought a home in the last year within the valley.  Homes in Phoenix, Arcadia, Scottsdale and most cities within Maricopa County have seen days on market numbers plunge and within certain price ranges, seen multiple offers the day a property is listed.  Investors have definitely exacerbated the situation as they have come into the market with cash offers making … [Read more...]

Phoenix Rising Like…Well, a Phoenix

WE’RE HEARING...If you want to see what a housing recovery looks like on the ground, it’s time to visit Phoenix, as I did recently for the first time in a couple of years. Gone are the rows of “for sale” signs that cluttered many streets two years ago. Instead, observers of the Phoenix market today say the metropolitan area faces a different problem: too few homes for sale. Mark Stapp, director of the real estate development program for the W.P. Carey School of Business at Arizona State University, told me … [Read more...]

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