The National Association of Realtors(NAR) continues to monitor the historical trends and current status of the real estate market across the country. While some of these numbers may be broad they also provide general local statistics for several major cities. Every state, city, community and subdivision is unique. However, a general report is a place to begin if you are thinking of relocating or if you simply want to have a better understanding of your area. The media information often lags the true market status by a few months while they wait for the data to be dissected. The latest reports included in the NAR site are through Quarter 3 - 2009. (we are now in Jan 2010). The data will provide the trends and give us an idea where the market is heading.
Since we live, work and play in Scottsdale, a suburb of the greater Phoenix metro area, I have selected to find out more about the Local Phoenix Report from the NAR web site. The chart below is a subset of the useful information provided. The Phoenix market accelerated in the real estate boom years 2004-2005 and then fell drastically when the housing bubble finally burst in 2006. Following the bleak years of 2006-2007, the 2008 market began to show signs of life. And, in 2009 the high inventory, foreclosure , low interested rates and low prices coupled with the first time home buyer tax incentive and the attractive FHA financing option, the market was once again very active. However, the sales volume of activity in 2009 was very different from that of 2005. Lenders, still stinging from the creative financing and easy loans were beginning to tighten their guidelines and ensure that home buyers were actually qualified to purchase. Overall, the general statistics including the info from the chart below show that prices have declined to the 2002 level. The good news is that we ‘hit bottom' in April 2009 and prices are once again increasing. Bottom line, if you bought your home before 2002 and did not borrow on it when the prices were higher you still have equity.
Now is an excellent time for first time home buyers to jump in to the market and
take advantage of the $8000 tax credit. If you currently own a home and may be
thinking of relocating, downsizing , retiring or transferring,
may be eligible for up to a $6500 tax credit.
Check the NAR 2009 Local Market Reports for your
city/area or for cities that you are considering relocating to.
If you are thinking about the greater Phoenix metro area please select this hyperlink to view properties.
AZ-real-estate-sales.com home search
If you would like more specific detailed, up to date info about a
specific, zip code, city or subdivision, in the Phoenix metro area ,
feel free to contact us at any time
garyandclaudia@cox.net
480-948-0550
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