When it comes to Arizona real estate there is good news with the bad news. Reports came out this week that showed a significant drop in real estate sales volume. The increase in sales volume due to home buyer tax credits was bound to be followed by a drop, as most surges are. The tax credit was in full swing during the summer of 2009 and packed a bigger punch when it was extended and expanded to include existing home owners along with new home buyers.
The last extension of the home buyer tax credit expired at the end of June, with some leeway for those who were already under contract but unable to close yet. There is no more tax credit revving up real estate sales, therefore it can be no huge surprise that the month following its expiration took a dip. The recession has brought about a climate of caution, aided by the nation's employment picture.
The good news when it comes to real estate is that, on average, home values have increased, if ever so slightly. While sales may have been down in July, prices appear to be stabilizing. The dropping mortgage rates and increased inventory make it an ideal time to look at buying a home, for those who can qualify for a mortgage.
In a nutshell, Arizona real estate sales figures may not appear great but prices appear to be stabilizing. Once a prettier picture is painted as far as employment goes then we will be on a more stable road to recovery. Gina McKinley, an Arizona Realtor, can give you more information on the Phoenix & Scottsdale AZ real estate situation. Contact Gina McKinley at (480) 355-8645 or by email for more information today.
Click here for recent article on the state of real estate from Realtor.org.
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