Housing Market Recovery in the wind

Who would have thought that the out lying areas would recover first.   We are seeing a huge number of homes selling in the outer communities like Queen Creek, Buckeye, and Maricopa.  Some of these towns are showing a 3 month supply of homes.  (the number of active homes on the market divided by the number of homes that sold in the past month.)  That is a huge difference from about a year ago when those areas had over a year supply of homes. 

Since the prices plummeted in those areas, we are seeing prices under 100k for a 2000 square foot home. Once again, the “drive till you can afford it”  is back. 

FHA requires 3 1/2% down payment, and you can ask for the seller to contribute up to 6% to closing costs.  With the first time home buyer tax credits, buying a home is back on the “to do list” in a big way.  

Comments

  1. We’re really taking off here, too. Entry level and outlying areas. Multiple offers, too.