Austin, Texas (MMD Newswire) May 21, 2012 -- After years of foreclosures, undersold homes and halted construction, Arizona can finally see the light at the end of the tunnel. In a recent report by Fox News, Arizona has gone from being one of the worst housing markets in the nation to the leader with four percent growth in the past year. Jim Nyquist, Texas-based real estate agent and analyst, sees Arizona's recent real estate success as a prediction for promising housing recovery rates across America.
The market shift has investor's excited and home buyers facing increased competition when it comes to purchasing Arizona property. Not too long ago, the state had people selling their homes for way less than they were worth, in fear of losing even more value. Today, home buyers have to act cautiously to make sure homes are not being oversold, according to the Fox News report.
So what does this mean for real estate sales in the rest of the country? Jim Nyquist believes that it is only the beginning of higher property sales nationwide. Nyquist adds, "I've had over thirty years of experience in this industry - I've seen the best and the worst. It's important to realize that the construction of a new housing development in Phoenix will excite agents and contractors, but it is also a cause for celebration for everyone involved in the business." And Nyquist's predictions aren't unfounded. When compared to last year's housing prices, another report highlights notable first quarter pricing increases for markets in Colorado, Virginia, Ohio, Nevada and Iowa.
The Fox News article indicates that a lot of competition is overshadowed by investors who can offer cash up front at prices realtors want. Noted in the article, is an ASU study that documents over 26% of Phoenix purchases are coming from investors. "Investing is great for those looking for profit," Nyquist comments, "but what about those who just want to find a place to live?"
It's not a simple solution, but Jim Nyquist says we have to realize that it's no longer going to be a buyer's market. According to Nyquist, the best thing a buyer can do is conduct meticulous research, look elsewhere or wait for things to cool down. "Investors will back off eventually," Nyquist predicts, "and at that point they will have to sell at prices favorable to the average consumer."
Real estate professional, Jim Nyquist has almost four decades of housing market experience. At 59 years of age, this graduate Minnesota State University - Mankato has made a substantial professional and personal life in Austin, Texas. Currently, Nyquist is involved with many short sale, foreclosure and house-flipping ventures.