By Mike Sunnucks | Rose Law Group Reporter
Expected strong housing demand in the spring combined with a very limited supply of homes for sales and new communities under development will help propel land deals across the region.
That is according to housing market expert Jim Belfiore.
“Competition is extremely fierce for land sites. If you are a land seller today is a good time. Today is a really good time to hop into the market,” said Belfiore, a principal with real estate research firm Zonda.
Belfiore said new home communities are selling out faster than new ones can be built and he is expecting robust demand for homes in the spring.
“They should start rising rapidly,” Belfiore said of home sales.
He said some builders are starting to buy larger parcels of land to accommodate more homes and expected demand. I think builders have become extremely aggressive in trying to buy land,” he said.
He said there is also demand for land from developers and investors who want to build for-rent subdivisions.
That real estate segment has been popular in the Phoenix market.
Belfiore said the demand for land is up across the Phoenix region with particular interest in growth submarkets such as Maricopa, Casa Grande, Coolidge, the San Tan Valley and Buckeye. “It really is widespread,” he said.