The Scottsdale housing market has many homes to choose from in a wide range of prices. The average price of a home in Scottsdale is $575,000. The current average price per foot is approximately $189. In the older neighborhoods, homes can be purchased around $200,000. There are also wealthy neighborhoods with homes over a million dollars.

In the third quarter of 2010, foreclosure sales made up 25% and short sales made up 26% of all home sales in Scottsdale. A buyer can expect to pay approximately $150,000 less on a foreclosure sale than a regular sale, and $120,000 less on a short sale than a regular sale.

While there are more homes than buyers right now, balance between supply and demand for homes will improve and is forecasted to be balanced by 2014 according to Elliot Pollack, a well respected economist. Arizona, Texas and California are expected to have the greatest population growth in the West. Population growth is the main factor in growth for the Arizona real estate market.

Home prices are considered to be at the bottom or near the bottom. With mortgage rates beginning to increase, it will make it more difficult for potential buyers to enter the market. With every 1% increase in interest rates, the amount a buyer can spend on a home decreases by approximately 10%.

With home prices and interest rates both being low, now is an ideal time to buy. For more information about real estate in Scottsdale, please give me a call.

The Phoenix Arizona housing market has been holding pretty steady for the past year. During 2010, the total sales have fluctuated then leveled back out. All the while, the price per square foot held steady all year. While all this was happening, the economy was slowly but surely crawling out of it’s own hole with modest drops in the unemployment numbers.

What this means for a potential homeowner is that all indicators are pointing to 2011 as being a good time to buy. The city of Phoenix also is using the stimulus money received from the government, and giving out grants to city residents for the down payment on a home. The amount a person can apply for is $15,000 and they need to be a first time home buyer.

The three states that were hit hardest by the housing slump, California, Nevada, and Arizona are all seeing a slow recovery right now. When you take what the economy is doing and the fact that there sill is stimulus money to be had, you can start to see why 2011 really is a good time to buy. Things are not going to get back to normal for quite a while, but that doesn’t mean that it can’t get better in the meantime.

Homes have been sitting on the market for quite some time now, and what that means to you is that everyone involved is more than willing to negotiate. Everyone involved wants to see you in a new home.  Call me today to help you find that home in the Phoenix/ Scottsdale area!