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Jan Bigelow: 928.300.1699
Wally Reule: 928.301.5943
After the real estate market bottomed out, the first large group of buyers to return were investors. They helped to make 2013 a very good year. But as the bargains were snapped up, prices increased and they were no longer able to get the returns on investment that they wanted. As a result, the number of houses purchased by investors has decreased.
Just 2 years ago in July 2012 we hit the highest percentage ever seen (33.5%) of investor purchases based on Affidavits of Value. If we add in Trustee Sales (which do not require an Affidavit of Value) the high point was around 40%. Townhomes & condos have always seen a higher percentage of sales to investors and the peak was 42.5% for this dwelling type based on Affidavits of Value.
Investor purchases have dropped dramatically and in July 2014 represent just 11.8% of sales, which is the lowest percentage since September 2008. Townhouses & condos remain much higher at 20% of unit sales, but this is the lowest percentage seen since January 2009.
Although the numbers above are driven by the Phoenix market, they track pretty closely to what has happened in Northern Arizona. But if you're looking for a home for yourself, there are still some very good values to be had.