Here’s your May 2009 Phoenix Arizona market update that will help you better understand where this market is at and where it’s going. Have you wondered how many homes have sold? How about how many were banked owned homes?
Here’s a quick look at what the Phoenix Arizona market did for the month of May.
Sales were even higher in May than April and June is setting up to be another banner month. Please watch the video and let me know if you have any questions or comments.
Of course when you’re ready to buy a home in the Phoenix Arizona area please consider me. I would be happy to spend a few minutesd with you in person or on the phone to evaluate if we’re a good match.
I can be reached at 623.271.4234 or email me at Jay@valleyREadvisor.com.
Could the housing market really be stabizing? Seems a little early to tell but I keep seeing these types of articles and studys being done that suggest we may be near/at the bottom. I guess for me I would look at this year as “the time to buy” and yes I’m an agent and I’ll get people saying “you’re only saying that to make a buck”.
The truth is nobody knows when we’ve hit the bottom until 4-6 months after prices have gone up so if you can buy a home for 1/2 of the price 4 years ago…get an incredible interest rate (4.75-5.25%) and buy your dream home…..why wait!
RISMEDIA, June 1, 2009-U.S. home prices fell in the first quarter of 2009 according to the Federal Housing Finance Agency’s (FHFA) seasonally-adjusted purchase-only house price index (HPI). The previously announced, but revised January and February indexes showed increases in house prices, which were offset by a March decrease. The purchase-only HPI, calculated using home sales price information from Fannie Mae and Freddie Mac-acquired mortgages, was 0.5% lower on a seasonally-adjusted basis in the first quarter than in the fourth quarter of 2008. This decline was much more modest than the 3.3% decline in the prior quarterly period. Over the past year, seasonally-adjusted prices fell 7.1% from the first quarter of 2008 to the first quarter of 2009.
FHFA’s all-transactions house price index, which includes data from mortgages used for both home purchases and refinancings, showed more strength over the latest quarter than the purchase-only index. The all-transactions HPI rose 0.4% in the latest quarter and fell only 3.3% over the four-quarter period.
FHFA Director James B. Lockhart stated: “Our latest data are consistent with growing evidence that housing market conditions may be stabilizing in some parts of the country, especially areas not covered by the other major repeat sales price index,” said Lockhart. “I am hopeful that this first quarter data combined with recent market stimulus programs, such as the first-time homebuyer tax credit and President Obama’s Making Home Affordable Program may mean that home price depreciation may be easing.”
I spent yesterday and then back out again today in Surprise Arizona showing homes to a client from CA. We started with 18+ homes and in the day or two it took them to come to town 5-6 of them sold. Worse yet a lot of agents are leaving homes on the MLS as active even when they have 4 or more offers. How can those be “active” when they have so many offers?
The interesting part in this is the bank have lowered the price on a lot of homes by 15-20k and they are selling fast. My guess is the TARP money from the government is starting to drive the banks to lower their inventory and the only way to do that is to lower the price of the homes.
What does that mean for you? If you are renting…stop! There’s no reason to continue renting when the prices of homes are so low and the interest are at historic lows. Not to mention the $8,000 check you’ll recieve from the government if you haven’t owned a home in 3 years.
Have you ever thought about checking out Active Adult Communities in Arizona? With the new Stay and Buy program at Trilogy at Vistancia, now is the perfect time to do it. Instead of staying in a hotel wondering what’s going on in these neighborhoods at night, you can now live the good life with a 3 or 4 night stay in a home at Trilogy at Vistancia.
This program is similar to Sun City Festival’s program in that it pays for a dinner, gives you access to the community center and more. It lets you hang out at the club, meet people that live here and learn what it’s like to live in a resort style active adult community. Here are a few details-
The Taste of Trilogy program is where you can stay 2-4 nights, receive $100 gift certificate for the Verde Grill, two for golf or two for spa treatment and full use of the Kiva Club and amenities.
2 night, 3 days - $189
3 nights, 4 days - $269
4 nights, 5 days - $349
If you decide to purchase, Shea Homes will credit back the cost of this stay making this stay FREE. What could be better than staying where you want to buy?
I mentioned that Sun City Festival also offers a program like this and in fact I can get you a $5,000 credit for buying out at Festival if you stay there so maybe you could take advantage of both communities and make a whole week of active adult living!
To learn more about these great programs please give me a call at 623-271-4234 or email ay Jay@valleyREadvisor.com and I can cover all the details including helping you setup the stays and make sure you receive your discounts.
For more information about active adult living (Over 55) in Arizona visit www.Retiring2Az.com
Are you the type that really likes to “dig into” the market numbers? I now have a great multi-page newsletter that gives you more information than you could every want about our market. This FREE report will now be available every month so you can stay in touch with the market just like I do!
This newsletter breaks down all the subsets of our market like how many bank owned homes sold? What percentage of the market were they? What price range is selling fast? And much more!
To get this new report please email me at jay@valleyREadvisor.com and request this free market report!
