With Arizona one of the few states not requiring lenders to take foreclosure cases to court, the recovery in the real estate is happening faster than most other states. Compared to states like Florida, which had eight listings on the report, this is a landmark achievement and is another strong signal that the Phoenix real estate mark is about to experience a serious resurgence. As Andra Ghent, an assistant professor specializing in real estate at the W.P. Carey School of Business, points out: “The overall time cost is really a big issue and the poor condition the properties are going to be in in these judicial states.” She went on to add that other states, “...still have a lot of excess in supply, whereas in Arizona we're not out of the woods completely but we worked our way through a lot of the foreclosures in the queue."
A number of factors has contributed to Arizona’s improvement, such as increased short sales, a blossoming job market and an overall increase in demand. The short sales are a particular boon to the inventory issue as it allows distressed owners to sell properties at less than what is owed on the mortgage. And despite the decrease in number of distressed properties, the fact that demand is still increasing is most likely the most positive sign of all. It means that buyers are not just looking for bargain priced properties but are targeting Arizona and Phoenix specifically as a long-term investment.
Of course, this comes as no surprise to those of us who call Phoenix and cities like Scottsdale, Glendale and Mesa home. It is an ideal location not just for speculative property purchases but for relocation to raise a family and pursue new career opportunities. The region is one of perpetual opportunity and renewal. It is the reason why I have spent so many years helping so many families find Phoenix homes for sale.
If these features and positive forecasts sound like appealing aspects of a community you would like to join, just drop me a line so I can start you on your search.
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