| The State of the Current Market for Arizona Real Estate
Phoenix, Arizona real estate has, like all real estate markets, taken a hit from the recent economic crisis. The good news, however, is that the market is finally on the upswing again. There is no doubt that the market is still leaning in favor of the buyer, but as new foreclosure rates decrease and sales continue to increase, the pendulum is certain to start moving again, perhaps balancing the playing field once more. In recent years, there has been an unprecedented level of foreclosure proceedings in the area, but in turn this created a market that was simply too good for buyers to pass up.
As the rate of foreclosures spiked, lenders had to start making changes in order to keep the Phoenix, AZ real estate market from going belly up. This fact certainly did not fall on deaf ears, and studies show that in Maricopa County alone, there were 79,000 home sales in 2009. A majority of these homes sold to investors, who are looking to turn their purchases into significant profits in the years to come.
Discounted real estate is commonly sought out by buyers, but it seems that in 2009 investors were in on the game as well. While many prospective homeowners were not thrilled about the new competition, the government in the area says that without the investors the market may well have turned into a disaster. Scottsdale real estate is certainly highly desirable, and bank owned homes as well as foreclosure properties offer investors and homeowners alike the chance to purchase prime properties for significantly less than fair market value. This is an excellent time in which to purchase a home in the Phoenix or Scottsdale market as the interest rates are still affordable.
While investors comprised a majority of the market in 2009, it seems that many potential homeowners are making purchases in 2010. The market is once again on the upswing, and with many buyers finding themselves in a better economic position than last year, the search for a new residence is again a common occurrence. There are many excellent Scottsdale bank owned homes on the market, and The Holm Group can help you navigate through the process of finding and purchasing the right one for you. The current real estate market is certainly much better than only a few short months ago, and investors and buyers alike are seeing that there are many excellent deals still available to purchase. To find your dream home call The Holm Group today at 480-206-4265.
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