Metro Phoenix Scottsdale Real Estate Market Update March 1, 2010 Jeff Cameron Realtor
Posted on March 7th, 2010 by admin
Here is my market update for March. I hope you find this informative: see video.
It’s the first of March, so today we will review the market sales and information for February. First, we came into March with 27,000 single family home available for sale. If you compare this to last year when 40,000 homes were on the market in the metro Phoenix area you would see inventor is down 32.5%.
Next are the home sales. We closed 5,504 homes in metro Phoenix this February, that is 14% higher than last year. Remember last year was the second best year ever for home sales. Last month 7,407 homes sold and went into a Pending status.
Foreclosure homes constituted 2,100 of the sales last month and inventor of foreclosures is flat. Short Sales continue to sell with great velocity, there were 1,359 Short Sale closings in February for the metro Phoenix real estate market. That is 4 times the amount of the same time last year.
Retail home sales continue to improve as more sellers bring their price to the market value and attract buyers. This segment made up 36% of the closings for February. Over 56% of the homes available for sale are retail sales.
Affordability has returned to the metro Phoenix real estate market. I put together the following chart to show how affordable homes are today. But a quick review of what I am trying to convey. For a home valued at $100,000 it takes one income earner of approximately $27k to qualify or 2 at $13.5k per year. With 2,000 work hours in a year 2 persons making $6.75 each per hour would qualify for a $100,000 home. For a $300,000 home it would take two people averaging $20 per hour to qualify. Of course, as interest rates go up, so will the required income. Today, you can buy a real nice home for $300,000. As a matter of fact, we are listing a really nice home in Surprise today. It is about 2,000 square feet, single level, 3 beds plus a den, Granite counters, Stainless appliances, NICE home, oh and it backs the neighborhood park. Guess how much? $125,000!!! YES, this is crazy! This is a fantastic deal, but their are great opportunities all over. You just need to make a wise informed decision. Go to my blog to see chart:
http://www.arizonabankdeals.com/metro-phoenixscottsdale-real-estate-market-update-march-2010-realtor-jeff-cameron/
I hope you saw my video of the 3 dates and 3 reasons to buy today.
1. April the Fed stops buying mortgage backed securities, rates will go up. Experts are saying rates will go up 1 – 1.5%!
2. April, FHA raises their mortgage insurance premium .5%. This is a direct cost to the buyer.
3. End of April, you must be under contract by the end of April to qualify for the buyer tax credits.
watch the video:Created on March 4, 2010 using FlipShare.
Duration : 0:6:51
http://www.bostonmarealestate.com — Tour Boston, MA neighborhoods, condominium developments, subdivisions, schools, landmarks, recreational areas, and town offices.
http://www.wellesleymahomes.com — Tour Wellesley, MA neighborhoods, condominium developments, subdivisions, schools, landmarks, recreational areas, and town offices.
Zoom Earth Sample. Using Google Earth to do a fly in view of the Orange County, California area. Orange County is home to Disneyland and has great scenery and real estate. Nearby are the cities of Irvine, Newport Beach, Costa Mesa, Fountain Valley, Westminster, Garden Grove and many others
this beatiful property is for sale on the beach at scarborough western australia, if you would like to see more please go to www.24hourhomeopen.com
In Costa Rica near San Ramon is Rancho Silencio, which consists of 5 B I G lots of at least 1½ acres each, and each has privacy and seclusion from the other 4 lots.
Welcome to your interactive journey through the helpful and knowledgeable world of Century 21 Real Estate. Its a place where experience and expertise intersect with your real estate goals and dreams. Experience the Gold Standard along every step of your personal path home. Whether your a first time buyer or a seasoned veteran, its comforting to know that CENTURY 21 has been helping home buyers and sellers achieve their real estate dreams for over 30 years.
http://www.OnlineVenture.ws
Welcome to your interactive journey through the helpful and knowledgeable world of Century 21 Real Estate. Its a place where experience and expertise intersect with your real estate goals and dreams. Experience the Gold Standard along every step of your personal path home. Whether your a first time buyer or a seasoned veteran, its comforting to know that CENTURY 21 has been helping home buyers and sellers achieve their real estate dreams for over 30 years.
http://www.chathammarealestate.com — Tour Chatham, MA neighborhoods, condominium developments, subdivisions, schools, landmarks, recreational areas, and town offices.