Arizona’s real estate market is often a hot potato when it comes to the media. However the signs are encouraging. Even in areas that were hard hit, such as Phoenix.
In fact, Phoenix and the rest of the state is looking forward to a bright future!
The final tally for homebuilding permits in the Phoenix area this year will be about 8,800. 7,200 home lots ready for construction have sold in metropolitan Phoenix. About 42 percent of those lots were bought by homebuilders, and they don’t plan on holding on to them for long. As Phoenix’s housing market hit its bottom in April, based on current trend the market could see positive numbers by the spring of 2010. After all last month was the second-best November for home sales in the area’s history. Only November 2004 was better.
Both foreclosures and preforeclosures fell in Phoenix during November. Foreclosures dropped 21 percent from October to 3,808 and preforeclosures dipped 9 percent, to 7,149.
You could term the move as the “Road to Recovery” for 2010.
There have been several steps in paving this “road” which have started to occur. Including:
1) National Government intervention – The extended tax credit for contracts signed before 4/30/10.
2) Low Mortgage Interest rates - some rates are as low as they have been for 30 years!
3) Bank Owned Properties (REO’s) & Short Sales - The number of REO’s will continue to decline from the 65% of all closings’ peak in May of 2009, but will likely be replaced by Short Sales.
It is expected that things will continue to grow as sales increase. Perhaps not as high a rate as they have in the past year – 2008 had 60,000 closed sales – 2009 will be close to about 90,000!
Here in Sedona things are also looking great, but with the tax credit ending in a few months and interest rates with no where to go, but up! Now is the best time to buy.
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Realty Times poses the question: Arizona: Is Now THE Time to Invest in the Grand Canyon State? The answer seems to be a very firm – YES! If you have decided that you would like to own a home in Sedona as a full time resident or part time then contact AULT&ASSOCIATES in downtown Sedona.
For a complimentary search of the Sedona MLS and access to all property currently on the market in Sedona AZ, visit www.claudiaault.com. For the best in Sedona Real Estate service and knowledge, contact Claudia Ault at 928-301-3016 or Larry Ault at 928-301-0852







