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Old 04-09-2015, 08:11 AM
 
2,803 posts, read 3,157,053 times
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Quote:
Originally Posted by new2colo View Post
Hmm, my millenial coworkers are still renting and homes on my block that have been vacant for over a month still have for sale signs....

2006 is not coming back, folks. I don't know what it will take for people to realize this. Yes, there will be growth in the suburbs, but pre-recession levels are over with.
The same can be said about 2011 prices. They will not come back either. Affordability-wise we are still much closer to 2011 than 2006.
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Old 04-09-2015, 08:12 AM
 
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Are there any areas in Phoenix metro that have reached / surpassed the old highs?
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Old 04-09-2015, 08:44 AM
 
Location: Texas
2,847 posts, read 2,494,174 times
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Quote:
Originally Posted by HX_Guy View Post
That sounds like total Active and UCB (under contract accepting backup offers) which shouldn't even be counted in my opinion. Active only is quite a bit less I believe.
That is the active number
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Old 04-09-2015, 08:48 AM
 
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We closed on our house in early January. When we bought there were two houses on the street on the market. Ours received 3 offers. The other house is a short sale. It's under contract but hasn't closed yet. After we closed, 2 other houses went on the market and went under contract within a few weeks after being on the market.

I'm on the fence about whether we will stay here and make updates to this house or whether we'll move so I check Redfin frequently and it seems to me that houses that are priced appropriately are selling quickly. I am only looking in Chandler and under $400K.

I pay attention to the listings and the recently closed and can't think of any house that sold for more than its listing price. I'm not seeing an escalation in prices although you would think prices were inching up due to limited inventory. I think maybe prices are inching up so slowly that you can't see it when looking at individual sales over the last few months.

One thing I noticed during our search is that there aren't bargains anymore. The short sales are not listed at much of a discount. We refused to look at short sales because the listing prices weren't low enough to justify the hassle. There don't seen to be that many foreclosures and the ones I see are not at bargain basement prices. I'd take this as an indication that the market is healthier.

But I see nothing selling close to the highs of 2005 and 2006. It's interesting (and a little sad) to look at the history in Redfin and it shocks me to see what people paid during that time. Based on what I see I don't see how we'll reach those highs for years.
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Old 04-09-2015, 09:21 AM
 
3,819 posts, read 11,904,457 times
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Quote:
Originally Posted by BestintheWest View Post
That is the active number
I don't know what MLS you're looking at but...



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Old 04-09-2015, 10:53 AM
 
939 posts, read 2,372,381 times
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Quote:
Originally Posted by JTW2013 View Post
I pay attention to the listings and the recently closed and can't think of any house that sold for more than its listing price. I'm not seeing an escalation in prices although you would think prices were inching up due to limited inventory. I think maybe prices are inching up so slowly that you can't see it when looking at individual sales over the last few months.

One thing I noticed during our search is that there aren't bargains anymore. The short sales are not listed at much of a discount. We refused to look at short sales because the listing prices weren't low enough to justify the hassle. There don't seen to be that many foreclosures and the ones I see are not at bargain basement prices. I'd take this as an indication that the market is healthier.

But I see nothing selling close to the highs of 2005 and 2006. It's interesting (and a little sad) to look at the history in Redfin and it shocks me to see what people paid during that time. Based on what I see I don't see how we'll reach those highs for years.
I've been closely following the North Scottsdale, Carefree and Cave Creek market since January 2014 and I'm seeing the same thing. Nothing going over original list, houses priced well going under contract within 30 days (but many homes are not), limited price increases (if any) since 2014 at this same time. It does seem like inventory is down in the area I'm looking, but I don't track that, so it's just a guess on my part. Has there been a recent ASU real estate market release?

It is troubling (and agreed, sad) to see the prices people were paying for homes in the 2004-2006 period. I have yet to see any homes being sold for their 2003-2006 prices, and I'm following everything from $400,000 to $1,500,000 (in the North Scottsdale CF and CC markets only).
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Old 04-09-2015, 11:03 AM
 
Location: Phoenix, AZ
445 posts, read 512,539 times
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I don't have data or anything to back it up, but it definitely seems like prices for the quality homes are increasing even over the last several months. My wife and I are shopping now, but we've been closely monitoring listings in the areas we like for close to a year. One thing we're finding is that there are fewer options in our price range and in the neighborhoods we like than there were just six months ago. With only a few exceptions, the ones that are out there in our price range are either smaller or not as nice as what was available a few months back.
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Old 04-09-2015, 11:04 AM
 
1,567 posts, read 1,944,542 times
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Quote:
Originally Posted by JTW2013 View Post

I pay attention to the listings and the recently closed and can't think of any house that sold for more than its listing price..
I follow pretty closely myself and I laugh at what some of these houses are posted for. I am not sure what realtor told them some of the prices were a good idea, but I think they should be fired.

People have this unrealistic expectation of what their "beautiful" house is worth. It takes 3 months of price reductions to actually sell the place and then they sell it lower than what they could have because most people assume a house on the market for 3+ months has some kind of issue.

I do think houses that are priced well are selling quickly.
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Old 04-09-2015, 04:18 PM
 
Location: az
13,426 posts, read 7,794,735 times
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Quote:
Originally Posted by Potential_Landlord View Post
Are there any areas in Phoenix metro that have reached / surpassed the old highs?

At present the homes in Gilbert haven`t come close to late 2005 - early 2006 prices. They are still a good $100,000 under.

East Mesa many homes peaked at the $240,000-$260,000 and they too are still a $100,000 grand under.

In Chandler its about the same as well.

As far as sale and the asking price goes much depends on the area. Seem prices have been flat for some time now with not a lot of movement one way or the other.

I guess a lot will depend on people who lost their homes 7-8 years ago but again qualify for a government loan. Will they buy or continue to rent.

One thing I have seen is the cost of renting seems to have gone up. I rented a home in East Mesa in less than a week and the same with Chandler. Both at $100 more than what the previous renters paid.

Last edited by john3232; 04-09-2015 at 04:27 PM..
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Old 04-09-2015, 04:42 PM
 
Location: az
13,426 posts, read 7,794,735 times
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Quote:
Originally Posted by JTW2013 View Post
...But I see nothing selling close to the highs of 2005 and 2006. It's interesting (and a little sad) to look at the history in Redfin and it shocks me to see what people paid during that time. Based on what I see I don't see how we'll reach those highs for years.
No, but we`re more likely to head towards those prices as opposed to the lows of 2010.

I bought homes at both the worst (Feb. 05) and best of times (2010)

The homes I bought in 05 still under water (around 30-40 grand) but the homes I bought in 2010 are up $100 grand.

However, the market has been flat for some time now. But we are moving into an important election cycle and the powers that be will likely do all they can to boost the housing market.

Last edited by john3232; 04-09-2015 at 05:18 PM..
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