The 'E' word isn’t a bad word in Phoenix real estate anymore
I spent the better part of last week in Southern California, with a room full of optimistic realtors, anxious get to work in the suddenly resurgent real estate industry. The market conditions in California aren’t too different than our own in Arizona: Affordable listingsin high demand, sellers in a premium position for resale opportunities, and a flood of buyers with a shortage of options. The California Association of Realtors shed further light on the subject, identifying 54% of sales in the month of April as equity sales. Zillow’s recent projections amplify the point, as (per their report) 1.4 million homeowners could regain positive equity by the first quarter of 2014. Save to say, distressed markets like Phoenix will be heavily represented in these improving metrics. We’ve already seen examples of this, with Valley housing prices continually on the rise. In fact, Las Vegas and Atlanta,not Phoenix, led major cities with the highest percentage of negative equity. Going beyond the statistics, however, is where you’ll find the most salient and pleasant representation ofPhoenix’s improving market. We’ve talked about somespecific examplesover the last couple weeks of Valley homeownersfinallybeing able to say the 'E' word. And we want more! Can you say the 'E' word? Tell us your story. And if you don’t know, now is the time to find out byclicking here.
Make sure to listen for more about the improving real estate market on That Real Estate Showon Saturdays at 3pm on News/Talk 92.3 KTAR.