More than once I have said it is always a good real estate market for someone – you just have to find out who that someone is.
Recently, the real estate market has changed from a buyer's market to a seller's market. This literally means there are fewer homes available to purchase than the number of people looking to buy.
What this creates is a basic housing supply-demand issue.
In Maricopa specifically, this shortage of homes is causing the prices to finally increase in most communities. As an example, a 1,750-square-foot home in Cobblestone has increased approximately $31.11 per square foot between September 2011 and September 2012.* For this particular home, this is an increase of more than $54,000 in value in just one year.
It's the biggest jump we have seen in approximately five years.
This has happened for several reasons including buyers waiting for the so-called phantom inventory to hit the market. It was rumored banks were holding their inventory for the start of 2012. However, the banks never released a large number of homes onto the market in Maricopa.
So, the buyers waiting for this huge inventory increase decided to purchase homes already on the market. The number of available homes then decreased substantially.
Also, when prices start to increase, generally the “bottom” of the market, meaning the lowest it will be going, has already taken place. As such, most investors try to buy up any viable investment opportunities quickly.All and all, the market seems to have continued to improve throughout the past six months. It is unknown how long it will continue to be a viable market to sell homes, but it does appear to be steady now.
The example above is one of the best appreciations in Maricopa between 2011 and 2012. However, with the seller's market taking place in Maricopa, now could be a perfect to time to sell your home whether you are doing a short sale or straight sale (no bank involved).
*Data taken comparing mls 4528974, 4796826, 4704635