In the last census of 2010, Arizona had over 1 million move to our sunshine state. I read we lost over 100,000 illegal aliens and 100,000 residents moved away for a net increase of over 800,000. In the first 5 years of the last decade we sold record numbers of new homes. In the last 5 years of the same decade we had no new builds and a very flat market. So I suspect there are over 400,000 new residents to the Sunshine state, who waited for the right time to buy, now ready to buy.
Thursday my family listed a home in San Tan Valley for $179,000 and sold it in 1 day for $180,000. Our competitor said it would never sell for more than $155,000. That was from a listing agent that only list bank owned. They only look at the old bottom instead of the new market. $155,000 was the price of the last bank owned home but that was last year. Here is the rub, there are no more bank owned homes left to sell. There are no more Short Sales left that do not have multiple offers.
If you have waited to buy or sell, don't wait any longer. We are on the mend. We were the first into this mess and seem to be the first out!