For some reason March is a month that analysts look at to tell whether our summer season will be a productive one or if we are in for trouble. This past March was a good one.
March is telling us sales volume is up and continuing to climb, the rate at which median home prices are falling is declining, which is hinting that prices are approaching their much anticipated bottom. The leading indicator of near future sales has been interest rates and interest rates are at historical lows. Investors, particularly California investors, are returning to the market. Foreclosure cancellation numbers are catching actual foreclosures; don’t be surprised to see April’s cancellations exceed April’s foreclosures. Notices have continued to rise, but again, I think the high current notices have more to do with the moratorium than the market, nonetheless, the numbers are significant and are a constant reminder we’re not out of the woods yet.
I have more and more people asking me about areas and which hot spots they should buy rental properties in, so I can see the wheels turning in people’s minds that they are thinking about long term investment and how this is the time to buy.
I do think that the real estate market will rebound soon. The South Chandler area is still growing, the school’s are excelling and the district didn’t have to lay off any teachers. The commercial structures have finally made their way out to us and will improve our quality of life as South Chandler residents. All I can say is that it is a great city to live in and hopefully an even better city to invest in for long term real estate profits.