State of the Market?

Ok I know that there is still tons of bad news out there and plenty of reasons to believe it but here are a few things that MIGHT indicate that the real estate market is starting to firm up in Phoenix.

1.  A mortgage lender friend of mine says that April will be his best month since 2005.

2.  I wrote purchase contracts on two different properties today and received offers on two different listings this weekend.  This constitutes the busiest weekend I have had in four years.  One of the offers I received was for full price.

3.  My wife, an escrow officer, says that April will be her busiest month since 2005.  About 50% of the transactions are refinancing of existing mortgages and 50% purchase contracts.  Yes, most of the contracts are of lower priced foreclosures but its still promising to see that so many people believe prices now “make sense”.

4.  We have received more buyer leads over the last two weeks than we have in four years.

5.  We are finding properties priced low enough that one can easily enjoy positive cash flow if they buy and then rent the property out.

I’m not saying that we can now declare that the bust is over and full steam ahead but if things keep going in this direction we very well may be seeing the beginning of a recovery.

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14 Comments so far (Add 1 more)

  1. I don’t mean to beat a very sick horse but getting the word out is still the best way to err…get the word out. Word of mouth is fine in great times but seems to lack that certain something (cash) when times get tough. During the down turns of any market, be it the Christmas/New Years slump or the great recession that we are in now, getting the word out is a lot better than watching television and complaining. Blog here, blog somewhere, try some new advertising initiative, whatever you do it is better than doing nothing. Need unbiased pointers, ask here and someone will respond, I promise!

    1. michael Urbanski on December 27th, 2010 at 1:01 pm

  2. Let’s hope the same can be said for the Flagstaff real estate market where I’m at.

    2. AZ Real Estate Video on August 3rd, 2009 at 8:31 am

  3. Nice info, thanks for sharing

    3. Dwi on May 18th, 2009 at 6:01 pm

  4. Well, there’s a lot of reassuring information in that post, thanks! From my perspective, I’ve also noticed an upturn in the property market – let’s hope its a sustained recovery!

    4. Dave on May 8th, 2009 at 6:34 am

  5. I think the market is still going to go lower this year and may start to recover towards the end of this year.

    5. Jim on May 7th, 2009 at 7:28 am

  6. We have several realtors we work with regularly in the Phoenix market and they all concur: business exists for the go-getters and those willing to do the legwork and service the client. I’ve lurked on your blog for quite some time and am glad to see another professional putting up the “sunny side of the street.” There’s money to be made, clients willing to buy and deals to be done — the info you post above is a testament to that.

    Erika Napoletano
    Director – Communications
    InvestorLoft.com
    Investorloft.com/blog

    6. InvestorLoft on May 4th, 2009 at 9:45 am

  7. Is real estate marketing profitable? I’d like to invest.

    7. Die Partnersuche on May 3rd, 2009 at 7:31 pm

  8. Thanks Bill. I really try to shoot straight but even then sometimes I get accused by the blogging nay sayers of being a lying realtor or whatever. Maybe they have a divine connection and know exactly where the economy is heading (and when) As for me I have to use common sense, crunch some numbers and……guess sometimes :-) Hey, put in a good word for weknowurban on HBB; it’s been a while since we appeared in that blog.

    8. Will Daly on May 3rd, 2009 at 3:34 pm

  9. I’ve been lurking this web site for several years while renting (still). I knew all about this credit bubble since I also have been a long time blogger on Ben Jone’s Housing Bubble Blog.

    A loft or high rise condo is the best fit for my lifestyle, particularly somewhere along the light rail that connects to the 44th and Washington station to transfer to the airport. Moreover, Phoenix is a very convenient city to call my base residence, although Las Vegas is probably the best choice. I’m just gung ho on Phoenix and don’t know too much about LV, except it’s much more libertarian than Phoenix.

    However I am well aware the prices have been too, er, “lofty.”

    I appreciate your honesty on these threads. Of course, if I did not read it here, I would have read it on Ben Jones’ HBB.

    9. bill on May 3rd, 2009 at 2:42 pm

  10. Excellent!

    10. frases on May 3rd, 2009 at 3:30 am

  11. Excellent Stuff shared.

    11. Dermalogica on May 2nd, 2009 at 3:54 am

  12. We can just hope that the market condition will get improved soon..:)

    12. Channing on May 1st, 2009 at 10:39 pm

  13. Thanks for the great information!

    13. Google Conquest on April 29th, 2009 at 4:30 pm

  14. excellent article, thank you

    14. jeux on April 28th, 2009 at 2:20 am

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