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Stephen Ledford's February Real Estate Newsletter

"Your Real Estate Consultant who Cares"
Unsurpassed Seller & Buyer Representation
West USA Ahwatukee Office
Email:StephenLedford@SmileyTrust.com
Webpage: http://www.smileytrust.com/
Cell: 602-743-4817

 

February 2009 Real Estate Update:
  • The good news is real estate market is picking up.  
    • Investors are coming back to the market.  Plus, people from other states are looking at buying second homes here.
    • Several groups are buying up homes below $50K.  It is causing bidding wars and multiple offers.
    • The number of active homes is almost below 50,000.  Compared with ~ 56,000 last January 2008. 
    • Current pending homes are over 9,000.  This number is a strong indication of the number of homes that will be sold in following months.
    • The number of active bank owned homes has dropped by a 1,000 to a current level of 11,791
    • Despite the economy and job losses, people are buying homes 
    • Obama's housing plan was passed with an $8,000 tax credit.  
    • Given March - August is the typical home buying  season, this summer looks to be very active.  It is comparable to 2003 or 2006 based on volume. If you are thinking of buying start planning now.
    • Overall, homes priced below $150K have started to stabilize. 
  • The bad news is that REOs still are driving the market. 
    • It is still very tough for home owners to sell their homes.
    • Until REOs are sold off and the inventory is reduce, prices will stay flat or continue to drop.  
  • Below are some more facts and details:  
  • For January 2009, there were 4,744 homes sold.  This number is down from the 5,604 sold in December 2007.  However, it is over 1,800 more homes that were sold for January 2007.  
  • REO or foreclosures now account for about 66% of homes sold. Plus, Short sales account for 10% of those sold. combined REO, Bank owned, or foreclosures and short sales account for 76% of homes being sold.   
  • For the Phoenix area, houses for rents = average rents have dropped some  $1,197 for 1,754 square foot home.  This is flat from December.  
  • The high end or luxury home market continues to struggle.  Only about 1% of the high end homes are selling per month. This represents about 70 months worth of inventory.   
  •  Overall, homes below $150 K are moving.  With low interest rates, people are starting to get into the market and purchase a first home or investment property.  
  • Below is a summary of the average prices and inventory per area.
  • I hope this give you a better idea on the market and prices across the valley.
  • Please feel free to contact me if you have any questions or need my assistance with you real estate needs.
 

Property-tax notices reflect the housing crash, but not your bills

By Catherine Reagor

Property-tax notices mailed out to Maricopa County homeowners today will deliver one more reminder of the severe housing slump.

Most people will see a drop in their home's assessed value because of the collapse of the local housing market. According to the Maricopa County Assessor's Office, home values fell an average of 23 percent during the 12 months that ended in November. Not everyone will see the same drop in upcoming tax bills.

A big part of that drop is due to a record number of foreclosures, which for the first time are being used to assess property

(More Information)

Area Real Estate Sale Data

Other good real estate articles:

 
A great program to help people having a tough time making it.
 

8k tax credit: First-Time Home Buyer Tax Credit: 6 Things to Know 

While the proposed $15,000 home-buyer tax credit died in negotiations between the House and the Senate, the $787 billion stimulus bill that President Barack Obama signed into law Tuesday includes a similar--albeit smaller--measure designed to help revive the real estate market. Here are six things you need to know about the freshly-enacted $8,000 first-time home buyer tax credit 
  

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Do you know someone new or moving to Phoenix, AZ? - Send them the best Phoenix Welcome Package  

"If you can dream it, you can do it" by Walt Disney

  
 
Posted Tuesday Feb 24