AZ Real Estate 03-08-15

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AZ Real Estate REACH US

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CATHERINE REAGOR REAL ESTATE

It’s become ‘camp’ again to line up for new homes

Making financials work is top priority Editor’s note: This is the first in a three-part series about what today’s typical buyer is seeking in a home. Today, we look at Millennials. Next up: We’ll explore the must-haves on the lists of Gen X’ers; and then Boomers.

GREMLYN BRADLEY-WADDEL | SPECIAL FOR THE REPUBLIC

Around eight years ago, investors were the ones filling the demand for homes, snapping up properties and keeping the real-estate market afloat. The next wave of folks eager to purchase their own place were boomerang buyers, those who’d rehabbed their credit and survived a foreclosure or short sale. And then, said John and Marta Baxter, it was expected that the Millennials — or Generation Y, those born between the early 1980s to late 1990s — would be the next wave of buyers. But that’s not how things have turned out. “The Millennials are not there like we thought they would be,� John said. The reasons are varied. From the married couSee MILLENNIALS, Page R3

Matt and Sarah Long brought their pop-up camper and plenty of supplies to buy a new house in Mesa on Saturday. The couple’s new three-car garage will likely be big enough for their camper, but that’s not why they hauled it with them to purchase a house in a development called Mulberry. The Longs and more than a dozen other people camped out for days to get one of the first of 30 houses in the new community, near Signal Butte and Baseline roads. Camping out to buy a new house is a phenomenon endemic to booming Sun Belt areas such as Phoenix and Las Vegas. Buyers wanting to get the first and best lots before prices rise in well-located Arizona developments have been lining up and sometimes camping out for decades. The trend started in Arizona during the early 1960s, when people waited in lines overnight to get a house in John F. Long's Maryvale development and Del Webb's first Sun City. But it has been several years since people have camped out to buy new houses in metro Phoenix because of the housing market crash and stalled homebuilding recovery. In January, more than 250 people lined up in Buckeye to buy a house in Victory at Verrado. Some housing-market watchers say the line of campers at Blandford Homes’ Mulberry community is another sign demand for new homes is finally rebounding. “How great for the housing market to see folks willing to camp out to buy new Valley homes again,� Arizona housing analyst Greg Burger of RL Brown Reports said . Jim Belfiore, a new home analyst in metro Phoenix, calls the line of buyers willing to stay overnight at Mulberry “big� for the area’s homebuilding market. He recently tracked a 12-percent increase in new home orders across the region. Getting homebuyers to line up is a clever marketing move for homebuilders because it draws more buyers. Matt Long told me he and his wife, who have two daughters, have wanted to buy a 2,000-square-foot house in Mulberry for more than six months. They See REAGOR, Page R3

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