Inventory declining; investors are making it tough for ordinary buyers to compete.
By Alyssa Lee
The Arizona Republic
Home prices in the Southwest Valley’s largest communities continue to recover from the housing market crash.
Prices are expected to continue to rise, real estate experts say, because there aren’t enough homes for sale to meet current demand. While short sales still tend to dominate the market, ordinary buyers have found it difficult to compete with investors for these less-expensive homes.
“Many investors came into the Valley, typically Goodyear, and they bought up every listing priced under $100,000,” said Greg Marthaler, a Coldwell Banker Residential broker in Goodyear.
“Buyers are out there making offers on several properties and have been outbid by investors paying cash.”
Overall, home values rose in Goodyear, Avondale and Buckeye from July 2011 to July 2012, according to an Arizona State University report released Sept. 6. The gains ranged from an increase of 24 percent in Goodyear to 34 percent in Avondale.
Of the three communities, Goodyear had the highest median home value this July, $185,000, which was a 24.3 percent increase from July 2011.
This summer, from June to July, home prices also notched higher.
Also:
Demand driving up home values in Surprise/The Arizona Republic
If interested in discussing real estate matters, you can contact Jordan Rose, RLG founder, managing partner, jrose@roselawgroup.com
