Investors are buying up property in Phoenix
Investors are buying up property throughout Phoenix at increased rates. According to the Phoenix Business Journal, investors are dominating the housing market for sales listed under $250,000. These buyers are combing through the MLS listings in Phoenix for strategic purchases.
According to DataQuick, absentee buyers, largely made up of investors, bought 46.1 percent of all Phoenix-area homes sold in March – up from 43.3 percent in February. Absentee buyers paid a median of $116,900 in March 2012, an increase from $102,000 the month before.
Paying cash helped investors purchase an estimated 44.8 percent of all March home sales. While this is down from the 45.5 percent experience the month before and the 45.4 percent a year earlier, the rate remains relatively high. Cash buyers paid a median of $112,000, up from last month’s $101,000 price tag.
Potential homebuyers can compete for houses for sale in Phoenix by offering homeowners slightly more than the asking price or being quick to make an offer.