No one likes to talk about the real estate market. It has been a tumultuous road for some time now, but things are starting to look up. Even things that aren’t looking up have at least stopped spiraling downward and come to a rest. Although some specific cities and regions are just starting to see the problems of the market affect them, Arizona is one state that has remained fairly strong throughout the entire economic crisis and one that should have less recovery time. The ripple effect means that there will be much more trouble for some time as an effect of all the issues that were going on in the Arizona real estate market and other markets in the U.S. Nonetheless, things might actually start looking forward, even if they don’t start looking up.
Right now, the driving force behind home sales that are actually occurring is the tax credit. First time home buyers can get up to $8,000 when they buy a new home, but only for a limited time. The Arizona real estate market can definitely use this little boost, but it’s certainly not essential. The smaller markets were hit much later than popular ones, so places like Phoenix will be well on the way to recovery while states like Idaho might just be getting started with mortgage troubles. Trying to predict the future of the markets is not possible, as many have learned through the past couple of years.
Stating what has happened in the Arizona real estate market is a much more useful and productive way to keep people informed about the markets. What has happened, you ask? Sales have slowed, people have stopped buying, and there have been big problems with foreclosure in places like Surprise. People bought beautiful homes in master-planned communities a few years back because they were convinced that it was a good idea even though they could barely afford them. Then, when things started going south, many were forced to pay the consequences. Not many people were moving up. Most were moving down and very few were even able to make a lateral move.
Nonetheless, the time has come when the bottom has been found for most of the popular locations in Arizona. Now it is about rebuilding trust, rebuilding confidence, and rebuilding the Arizona real estate market one home sale at a time. Until people have jobs, savings, and a feeling of security in buying a home, the market won’t be going far.
Right now, the driving force behind home sales that are actually occurring is the tax credit. First time home buyers can get up to $8,000 when they buy a new home, but only for a limited time. The Arizona real estate market can definitely use this little boost, but it’s certainly not essential. The smaller markets were hit much later than popular ones, so places like Phoenix will be well on the way to recovery while states like Idaho might just be getting started with mortgage troubles. Trying to predict the future of the markets is not possible, as many have learned through the past couple of years.
Stating what has happened in the Arizona real estate market is a much more useful and productive way to keep people informed about the markets. What has happened, you ask? Sales have slowed, people have stopped buying, and there have been big problems with foreclosure in places like Surprise. People bought beautiful homes in master-planned communities a few years back because they were convinced that it was a good idea even though they could barely afford them. Then, when things started going south, many were forced to pay the consequences. Not many people were moving up. Most were moving down and very few were even able to make a lateral move.
Nonetheless, the time has come when the bottom has been found for most of the popular locations in Arizona. Now it is about rebuilding trust, rebuilding confidence, and rebuilding the Arizona real estate market one home sale at a time. Until people have jobs, savings, and a feeling of security in buying a home, the market won’t be going far.