David Lorti, a Realtor with RE/MAX, Reports Home Buyer Activity has Reached a Six-Month High in the Phoenix Housing Market
According to David Lorti, a Realtor with RE/MAX, home buyer activity has reached a six month high in the Valley of the Sun. This represents a bright spot in a market hard hit by foreclosures, short sales, sub-prime issues, high home inventory, and falling prices.
Phoenix, AZ (PRWEB) April 7, 2008 -- Home buyer activity has hit a six-month high in the Valley of the Sun. Despite serious challenges in the Phoenix housing market, buyer activity has shown sustained improvement since late January. This is consistent with national data that showed that existing home sales in the month of February grew from the prior month.
However, Realtors remain cautious to not read too much into the recent improvements in buyer interest. The Phoenix housing market has been anything but predictable in the last two years, and more time is needed to fully appreciate the development. As well, inventory has remained relatively stable through this same period. Nonetheless, many are closely watching the market for further signs of growing momentum in buyer interest and activity.
What has been fueling this increased buyer activity? Foreclosures and short sales (where the bank is 'shorted' through the sale of a property prior to an actual foreclosure) are generating much of the increased buyer interest.
"My estimation is that 10-15% of properties currently listed as available in the Phoenix area are foreclosure-related, which creates a lot of buzz in the market," says David Lorti, a Realtor with RE/MAX in Tempe.
"Home buyers are definitely seeking out the deals in the housing market right now and foreclosures and short sales can represent great opportunities. So, it's not entirely surprising that we are seeing those same foreclosure-related properties making up as much as 20-25% of the homes currently under contract," says Lorti.
Is it a good time for buyers to purchase a first or second home, or for investors to consider an investment in real estate? High inventory and more anticipated foreclosure-related activity will continue to impact property valuations. However, many of the best deals are attained in a down market as long as the buyer or investor is prudent and savvy as to risks and potential rewards.
"I believe there are some great deals out there for the smart buyer. A buyer still has significant risk in this market so it is important to get a strong value when buying a home or investment property. Having said that, I can picture a lot of very satisfied buyers in this market this year," says David Lorti.
Despite market woes that are expected to continue, the increase in homebuyer activity is a welcome development. And it's giving many Valley Realtors, at least for a moment, something to smile about.
For additional information on the Phoenix-area housing market or to buy or sell a home in the Phoenix area including Valley cities such as Chandler, Tempe, Ahwatukee, Scottsdale, Glendale, Gilbert, Mesa, Peoria, Avondale, contact David Lorti or visit http://www.lortihomesarizona.com.
About David Lorti:
David Lorti is a professional Realtor for RE/MAX Elite in the Phoenix area (http://www.lortihomesarizona.com) specializing in Chandler Real Estate, Ahwatukee Real Estate, Gilbert Real Estate and other areas and helps clients buy and sell homes. He holds a Master of International Management and Bachelor of Arts degrees and his insights have been quoted in several news outlets. His monthly newsletter, Dave's Real Estate News You Can Use, offers market updates and other information pertinent to home buyers, home sellers, and investors.
Contact:
David S. Lorti, Realtor - MBA
RE/MAX Elite
480-285-3600
480-227-6911 direct
http://www.lortihomesarizona.com
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