Phoenix Market is On Fire--True or False

Both True and False!! I know you are always getting these non answers from me but it it's just how it is. Some AREAS of the market Are On Fire, and Some are NOT!!!

The fact that the "Industry" would even put out a blanket statement like this has got to show you that the hype is always something you'd better look out for. Let me show you why.

Some of the comments going along with the on fire statement go like this,
Prices are Trending Upward or Prices are Rising
Properties are receiveing multiple offers
Buyers are engaging in bidding wars driving up the price
Inventory is shrinking or Inventory is down
Foreclosures are down
Short sales are down

Yes to a certain extent each one of these statements are true, and to a certain extent each one of these statements is false.
Short Sales-- these have gone up and down all along it really all depends on how many people want to face reality and at least TRY to save their credit to some extent
Foreclosures--What have the banks done every year for the past 4 years between November and Jan 15h or so? They put halt to foreclosures so they don't look like the big bad meanie putting people out in the streets during the holidays--And yes this is the only reason for doing so no matter what you've heard. Well guess what if they're not filing foreclosures for 2 1/2 months and it takes 3 months from the time of filing to do a foreclosure what do you think the is going to happen to the amount of foreclosures between Jan 15th and April 15th--DUH!! They are going to go Down!! But what is to happen in the coming months?
Inventory is shrinking--Be Very careful how you look at this one. Certain Inventory in Specific price frames are shrinking while at the same time certain inventory in other prices ranges are rising. Albeit the shrinking inventories are moving faster than the growing ones and therefore you have an "overall" decrease. Also figure in the fact that mid march through mid June is the Prime Buying Season (More homes are sold during this 3 month period than any other throughout the year) Plus you factor in the REO thing I just spoke of and where is inventory in the coming months?
Prices are Rising/Trending Upward(I hate that term trending upward)--This is another one you better be really careful with. Same as with inventory this statement is specific to certain rice range properties. And again the HOT price ranges are creating an overall increase throughout MOST of the remaining market. But there ARE still areas of the market where prices are still declining--some by as much as 14% per year.
Properties are receiving multiple offers--Absolutely!!IF they are priced under market value!!! If you price your house at full market value (or higher if you listen to your real estate agent about the trending upward (Yuck) prices) you will be Lucky if you even get an ONE offer. And where does this leave you? Playing the Agent Chases the Market Game where you react to what happened last month at the end of this month which is then not enough compensation and leaves doing the same thing the next month, and the next month, and so on until your listing agreement expires and you end up with nothing but decreased value and lost opportunity--meanwhile your agent still has a dozen other listings to sell so it's no skin off their hide.
Buyers are engaging in bidding wars driving up the asking price--Again this scenario is happening all the time, IF you're starting price begins Below Market Value. Otherwise same as above!

And Now Just within the past 30 days this is becoming national news. Just in time for it start changing back to what this market does EVERY year. Sure thers another solid month for you to take advantage of this, or wait........is Now REALLY The Best Time? Or would you be getting in just in time to see yourself go underwater in the coming months of leveling off off and decreasing values. Thanks A Lot Media for the late notice!!!

With foreclosures coming back from the holiday lay off, the selling season coming to an end, and the temperatures begining to rise into the upper 100's, the number of offers will be declining, as the inventory levels off and may potentially begin to slightly rise again. Less offers from less buyers will mean less sales which will also contribute to rising inventory. Rising inventory coupled with less sales will mean leveling off, followed by decreasing prices. So Buy NOW!! Make sure you jump in After the fact and set yourself up to lose in the long run.

Now on the other hand there IS Plenty of GOOD Opportunity still available today and into the coming months and throughout the year, BUT You'd better be talking the right people who are going to lead in the right direction. You'd Better be Buying within the quality price ranges that moving in a positive direction and not get caught in some of the still declining markets.

www.Sell-A-House-Arizona.com is the home of a real estate BUSINESS!! Not an agency trained to Market Property with no risk whatsoever.

As a Real Estate Business, Buying and Selling Property, We Have a Vested Interest in what we do. We stand to Lose Money If We Are Even Just Slightly Wrong with Our Calculations.  What does your agent have at risk? One of His or Her MANY Listings from which they can make money. They know Something will sell next month, Does it HAVE to be your place? NO!!

When we are buying a property we have a very strick schedule within which precise actions must take place. It is THIS reason along the research we must do, the Market analysis, the Studies, the Charts, the Graphs, the RESULTS we must track are a completely different and unique set of nubers than what real estate agents need, want, or desire to track in order simply advertise someones property for them. Yes they are "Professionals" with a license (required by the state to "sell property for another person"--That's it! That is the purpose of the license, to meet some rule of the state designed so the state can make money too. Sort of like Insurance--legalized theft--being mandated by law) but who do You Think has thier finger more precisely on the pulse of the market.

Look I have nothing against realtors. They serve a purpose and in a perfect world what they do is designed to work perfectly for all parties. I mean if they Market and sell your house for the highest rice possible then you will ultimately put more money in your pocket, the bank will write a larger loan and do the same, and they themselves will cash a larger commission check. Perfect for a perfect world, perfect market, and perfect economy,  but today everything is Far From Perfect. However the real estate (governmentally controlled that is) business is still trying to operate as though it is.

Our real estate business (with only IRS fingers in our pie--those dogs) operates in the "Real World" and therefore MUST (if we are to have Any Cahnce of success) be so on top of every last detail of what is going on in the market. Right down to how many more days it will take to sell
with a price difference of just One Thousand Dollars.

Phoenix Real Estate Market is NOT a Raging Forest Fire churning through 100's of thousands of acres per day. It's more like a campground at night with spot fires of varying sizes all over the place even though there is a raging bon fire in central complex.

Just be careful WHERE You set up camp before you start throwing your logs onto the fire.