The State of the Current Market For 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 nevertheless leaning in favor of the buyer, but as new foreclosure rates decline 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 unheard of level of foreclosure proceedings in the area, but in turn this produced 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 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 meaningful profits in the years to come. As edges took on more and more similarities, lending terms became more lenient and many buyers were able to obtain exceptional similarities with no down payment or already deferred payment plans.
Discounted real estate is commonly sought out by buyers, but it seems that in 2009 investors were in on the game in addition. 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 offer investors and homeowners alike the chance to buy chief similarities for considerably less than fair market value.
While investors comprised a majority of the market in 2009, it seems that many possible 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 shared occurrence. There are many excellent Scottsdale bank owned homes on the market, and a Realtor can help you navigate by the time of action 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 nevertheless obtainable to buy.