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Arizona Real Estate | AZ Housing Market Conditions

Arizona Real Estate


Arizona Real Estate | AZ Housing Market Conditions

 

Let’s take a moment and look at current Arizona Real Estate conditions as they stand relative to the economic downturn from 2008 to today’s market.  As you know the real estate bubble has caused a downturn in housing throughout the US, especially Arizona Real Estate.  We have not see a downturn in the housing market like this since the great depression and yet if you ask people there is still a desire and a belief system with most Americans that owning their own home “the American Dream” is still alive and well.   Even though many of us are faced with mortgages in which we owe more than the current value of our homes most everyone believes their home prices will return to an acceptable values sometime in the future. 

Mostly all US markets have seen a downward trend in both buying and home prices.  In March of 2010 there was a slight improvement in the amount of buyers because of the tax credits but that quickly went away as the tax credit expired.  The remainder of 2010 was still sluggish for Arizona Real Estate and as we moved into 2011 it appeared there was a bottom forming.  Even though prices have gone down the amount is smaller than before and in some markets they have even seen a small increase in valuations. In our Arizona Real Estate market specifically we have seen investors returning and properties under 100K are doing well. In addition Foreign buyers have entered the Arizona Real Estate market especially our friends to the north; Canada. In Arizona, 11% of sales in 2010 were to foreigners.  They are being enticed by low US home prices, which are down 33% nationwide since peaking in 2006 and the weakened dollar makes their money go further.  Since the start of 2006 the Canadian dollar has soared 18% against the US dollar and the euro is up 22%.

Although now, many experts believe that there will be lower demand through the remainder of 2011 and into 2012 due to the uncertainty with our national debit.  They also expect Arizona Real Estate home sales to become self-sustaining if the economy can add jobs at a respectable pace and they see Arizona Real Estate home values stabilizing. All signs point to this being a good time to consider re-entering the market and making a home purchase. With cautious planning and evaluation of your market area look at what is best for you.  Do your own research and due diligence. Home prices are at an extremely low prices and interest rates are near all time lows.  Yes there are still the short sales and foreclosures that need to be worked through but these are just buying opportunities for investors or savvy buyers willing to deal with the conditions or some of these homes. When these are back to normal levels where do you think prices will go? 

Another strong encouragement for Arizona Real Estate is the improvement in the availability for second home and jumbo mortgages for credit worthy families.  As bank balance sheets continue to strengthen and our economy improves it’s only a matter of time before lending of non-government backed mortgages open up once again. For additional information about the pending home sales index, you can visit www.realtor.org.  Let us all hope this encouraging news continues on its current path and the real estate industry should be able to make a strong come back.

Those of you interested in finding out more about Kingman Arizona real estate or actually looking to call Kingman Az home can count on Dale Lucas Kingman REALTOR® Eagle Realty to provide you the most professional services and assist you in buying Kingman Arizona real estate.  Our goal is to determine your particular needs and desires within your approved price range and then find the best home and real estate options that personally suit your needs and wants.  Feel free to contact me with any questions you might have concerning your real estate needs at 1 928 377-6692 or send an email to mohavecountyrealestate@gmail.com.  We are here to serve you and find you the best deal on Kingman Arizona real estate.