housing prices really jumping that much....WHY??? (for sale, real estate)

[dadof2divas]

I have been looking online at several houses and it seems like with in 2-3 days they are gone. Why? I understand that the housing market is bouncing back but this reminds me a lot of the 05-06 housing when it when on the market and it was sold FAST. Are the investors buying them up? If so how is a average person going to be able to purchase a house? It is getting very aggravating looking and when we are ready to go see it has already received multiple offers on it. I have family that wants to move out with us and they have been told that finding a house under $110K and paying cash probably will NOT HAPPEN.
What is your feedback on this subject? Do we need to find a new realtor or is this a real scenerio that is not going to happen for him?

[khuntrevor]

location.......

[Ponderosa]

Yes, they are going up quickly. Strong investor interest, falling numbers of foreclosures, better job conditions, and other factors started to come together last summer and prices, especially at the low end, jumped (as much as 25 percent in only a few months). The lower end inventory is severely depleted as well. There are some still out there and some come to market every day, but you need to be lucky, move quickly, and maybe settle for less than what you expected with respect to convenient location, neighborhoods etc. It is stiill much better than 2005 as homes are still at relative bargain prices selling for less than it cost to build or replace them.

[AZJoeD]

Supply and demand. Short supply, high demand.

[SOON2BNSURPRISE]

I have watched my parents home increase from a purchase price of $132,000 to $290,000 (According to what similar homes were selling on their street of mostly similar homes.) Prices declined to the $80 to $90 range in 2011 and seem to have increased back to the $125,000 level. This all from 2003 till 2012

[dbean]

simple economics; supply & demand.

We had our house in Ahwatukee listed FSBO and received 3 full cash offers so far; listed about 2.5 wks. At this point, if people say anything about a Loan I'm not interested in their offer.

If I were to write down all the names of realtors who have called, emailed or wrote us letters about wanting to sell our house, explaining there are no houses for sale in the area, explaining how they are on realty list xyz as being the best listing agent on the planet ect... I'd have a legal sized piece of paper full.

[ReadyFreddy]

The bargain basement prices and lull in buying weren't going to last forever. Buyers who were lukewarm thinking things might get lower if they held off a bit longer suddenly are smokin hot to buy now because prices are starting to go up. Now, it's "it's not fair!" Those prices were low for a long time.

[Home Addict]

Your best bet would be HUD homes and homepath homes. They are open for owner occupant bids ONLY for the first 30/15 days, so you won't be competing with investors if you decide early.

I still see very attractively priced HUD homes occasionally. Go to their website and search. Make sure your real estate agent can put in bids for you.

Best of luck!

[jimj]

If you want the clearest most concise description of what's going on (along with more data than you'll probably want to read) check this thread that's still live and adding new stuff daily.
I'd suggest this to anyone currently looking and wondering "what the heck".

https://www.city-data.com/forum/phoen...s-tanking.html

[dadof2divas]

I guess I have more reading to do. I knew that prices would not stay low for long but I was not totally prepared for the rise so fast. I pray that our house sells soon so that we can be ready to go. We have to finance as we don't have $170K laying in the bank to do a cash offer. I hope that the prices don't keep rising so fast. It would be nice for a steady rise but right now that does not seem to be the case.