You can listen to the news reports or read Arizona Republic and Tribune about the housing market
But what you're reading and hearing about the Phoenix market, doesn't necessarily apply to Fountain Hills. Remember, real estate markets are local.
Locallyhere in Fountain Hills,Arizona we have 328 single family homes on the market.That represents less than 4% of the total number of single family homes in this special desert town. There are 121 homes listed below $500,000, 117 from $500,000 up to $1million and 95 listed above $1million.
20% of the houses on the market are distressed; while 50% of the properties that opened escrow in September were distressed.
There were 142 price reductions in the month of September.
It is significant to note what is selling. 68% of the homes that are selling are below $500,000. Half of the houses selling are distressed properties with the heaviest concentration of buyers buying below $400,000. Fueled by the $8000 tax credit and deflated prices, first-time buyers have been making their move. Investors are starting to see potential for growth in our market and are again beginning to buy.
The stimulus bill has had an impact. But that is about to end. The deadline for the tax credit is November 30,2009 at which point you must have closed on the house to be allowed to claim the tax credit. So time is running out.
Now if my crystal ball weren't so cloudy, I could tell you what will happen when that stimulus evaporates.
Currently the weight of the 39 short sales and 26 foreclosures on the market are keeping the prices from rising. See details about what buyers can buy and what they are choosing at www.ericawesthomes.com and click on the link to my blog post.
What will the real estate market be like for the last quarter of 2009? I'll keep you posted!
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