Why Are So Many Houses For Sale In The Phoenix Area? (Tucson: rent, condos)

[sunshinecities]

Does anyone know why so many people seem to be leaving Phoenix? Or, does it just seem that way since it's such a large place? Overall, in the country it is a buyer's market, but there seem to be a really lot of places for sale in the suburbs of Phoenix. For those who are leaving why are you leaving? At the same time, I realize there are still many many people coming in too.

[john3232]

Originally Posted by sunshinecities

Does anyone know why so many people seem to be leaving Phoenix? Or, does it just seem that way since it's such a large place? Overall, in the country it is a buyer's market, but there seem to be a really lot of places for sale in the suburbs of Phoenix. For those who are leaving why are you leaving? At the same time, I realize there are still many many people coming in too.

My guess is a hefty % of homes on the market were bought by speculators 2-3 years ago with the intention of selling them for a quick profit.

It'll take at least another year or two before the inventory begins to slide downward.

[Axiom]

We're leaving, but because of a better job opportunity elsewhere. We would not necessarily have initiated the change as we've liked living here. I will NOT miss the summer temps though!

I do agree about the speculators. We're getting ready to list and we're competing with one of them. A CA investor who bought the property, put in a fortune in upgrades and now is getting panicky and has slashed the price just to get rid of it.

Also I think some folks are realizing what a slide prices are taking and are trying to cash in now in case the market drops even further.

Another couple down the street had people knocking on their door about a year and a half ago offering insane amounts for their house (prime location on one of the lakes in the nieghborhood) They said no thinking prices would continue to rise. They just put their house on the market as well. They had planned on holding onto it for a few more years until retirement, but they're seeing all those dollar signs they missed out on slipping away, so have decided to try and sell now and then they'll rent for a couple of years.

[MaimounaKande]

The Phoenix-Tucson market is one of the worst in the country right now (for sellers). The quick uptick in prices, the high number of investors coming in, etc. Now people are desperate to sell, but the inventory is so high they can't. I'm one of those people--I've got some land I'd love to sell, but the inventory is really high there too...so I'm sitting on it throwing money out the window. Got in too late. I seem to be really good at that: buy high, sell low.

[sablebaby]

My guess is that most of the homes on the market are not moving out of state. Some are selling to move up to a nicer home, some doing the opposite. Many have those adjustable loans that are coming due and now can't afford their homes. And again many are investors who want out. But I'm sure there are a good share of those who are moving out of state for various reason (found it too hot, not what they thought it was, or job transfer).

[63ragtop]

From what I heard and read:
People are not leaving - they are still moving here in droves.
There are just less buyers, investors included, so the inventory has increased dramatically.
Banks are cracking down on loan requirements and trying to minimize risk and reduce the number of "subprime" mortgages.

Yes, investors are looking to get out now. One my friends has 3-4 properties for sale right now. He bought a bunch of houses in his neighborhood on speculation.
I have heard a lot of people with second homes here are looking to cash out now as well.

I'm looking at houses right now and a lot of them are vacant. Most people have upgraded to another house in the Phoenix area or retired out-of-state according to my Realtor. A lot of them are houses that have been bought to be fixed up and flipped too.

I'm expecting prices to drop even further in the next few months as no one wants to move in the summer in Phoenix.

[sheena]

Originally Posted by 63ragtop

From what I heard and read:
People are not leaving - they are still moving here in droves.
There are just less buyers, investors included, so the inventory has increased dramatically.
Banks are cracking down on loan requirements and trying to minimize risk and reduce the number of "subprime" mortgages.

Yes, investors are looking to get out now. One my friends has 3-4 properties for sale right now. He bought a bunch of houses in his neighborhood on speculation.
I have heard a lot of people with second homes here are looking to cash out now as well.

I'm looking at houses right now and a lot of them are vacant. Most people have upgraded to another house in the Phoenix area or retired out-of-state according to my Realtor. A lot of them are houses that have been bought to be fixed up and flipped too.

I'm expecting prices to drop even further in the next few months as no one wants to move in the summer in Phoenix.

Lots have people have always moved to Phx in the Summer so their kids can start new schools. Summer has the most traffic.

[sheena]

Originally Posted by sunshinecities

Does anyone know why so many people seem to be leaving Phoenix? Or, does it just seem that way since it's such a large place? Overall, in the country it is a buyer's market, but there seem to be a really lot of places for sale in the suburbs of Phoenix. For those who are leaving why are you leaving? At the same time, I realize there are still many many people coming in too.

I was ready for a change plus I wanted to cash out and re-invest in a fresh market. If I hadn't made such a huge profit I would probably be still living in Phx. It's not everyday you make that kind of money and I'd like to do once again

[63ragtop]

Originally Posted by sheena

Lots have people have always moved to Phx in the Summer so their kids can start new schools. Summer has the most traffic.

I thought that too as that is the norm in other areas I am familiar with but at least according to my Realtor, summer sales are always slow due to the heat.

[beanchokiki]

The market is slow everywhere right now. We live in the hudson valley, rockland county. Condo on the market for 2 months..2 years ago, even a year this time it would have sold already. We are now competing with 5 other condos in our complex. And everyone says the same, once school is out, summer hits it slows down trememdously. On the upside for us though is more inventory to look at and we are still deciding on where to move as well, either staying in NY or moving out of the state all together.