Phoenix Fastest Housing Recovery

PHOENIX - April 19, 2013 - PRLog -- According to national news, the recovery in housing industry is continuing to improve in some pockets and is up-and-down in others.  It is good to know that these same reports indicate that Phoenix has the fastest continuous housing recovery in the United States for the last six months.  Phoenix Realtors have been monitoring this consistent pattern developing since the end of 2011 and have seen sales begin to spike slightly in certain segments.  
Buyer Types Reflect a New Phoenix Market
Historically, home sales have been supported by a steady flow of retirement buyers who seek smaller homes in the temperate climate of Arizona.  This steady market declined rapidly when the recession made large IRAs seem like pocket change forcing hundreds of thousands of seniors back into the workplace for survival.  With no immediate plans to retire as they had hoped for, seniors opted to remain in homes that were paid off rather than try to sell in a depressed market.  
Unlike previous spurts in housing sale growth, this one is supported by two unique buyers to the Arizona market – young professionals with families and multi-national corporate hedge fund investors.  
Over the past few years, young professionals and their families have been relocated to the metro-Phoenix area by their corporate employers.  Some of these corporations have found Phoenix Properties more cost efficient to purchase homes for their executives as part of their benefits packages.  These executives have in turn, chosen to invest their own funds into homes of their choosing after settling into the Valley of the Sun’s lifestyle.  If the executives get transferred to other countries, they will rent their homes out, turning them into investment products.  Promotions to upper management made room down the ladder to promote workers to middle management positions.  The constellation created with all this moving up has led to greater desires to own homes, making home sales in Phoenix the third highest in the U.S.
During the boom in housing prices between the years of 2003 – 2008, these hedge funds had focused on properties in Florida, Georgia, California and Texas.  At that time, Arizona was already experiencing a slight decline in sales with the exception of the McMansion homes that sprung up everywhere and the housing boom went bust by 2005.  As result, the big hedge funds had comparatively limited investments in the state.  In the last quarter of 2012, this balance of investment interest changed.  Six of the biggest capital investment corporate hedge funds are quietly investing in the Phoenix housing market. This is a major clue for private homeowners to get on the ball and purchases homes while they can do so at reasonable prices.
One of the most unexpected new home buyers that are beginning to emerge from the foreclosure debacle of 2007-2009 is those who were forced into bankruptcy and/or foreclosure.   More than half of these homeowners were able to retain their jobs, substantially pay down their credit card debt and increase their savings and Roth IRAs.  These are previous homeowners who know the advantages of privacy, tax deductions and pride of personal achievement.  Many have begun buying homes again and many more will be ready to buy in 2013.  
With the constant uptick in the sale of Phoenix Properties, those who wish to sell are finding qualified buyers faster, shorter closing times and prices higher than in 2003 when the boom was just beginning around the nation.  Phoenix Realtors are encouraging their clients who have been holding back properties to start putting them back on the market now, so it turns out to be the best time for real estate investment in Phoenix and you better be quick in responding to it before the competition eats up all such great profit opportunities.
Maureen Karpinski
Find your Phoenix Arizona Property at http://www.cactuscountryproperty.com/city/phoenix.htm
Posted by Cactus Country Arizona Homes & Properties http://www.cactuscountryproperty.com