What's Up With Real Estate In  the Valley? 3/22/08

Well, spring is just around the corner, and it seems with each passing month housing market conditions improve to a degree.  It is true that many homeowners are facing foreclosures, but with recent attention to the problem both the government and banks seem to want to curtail the downfall as it is beneficial for all.  Don't be discouraged, if I have learned anything from 22 years in the industry, I know that this too will pass.
The pool of home buyers is presently smaller, but they will be better qualified to make good on their loans.  This is good news for the buyer and the seller.  Buyers can still obtain low rates and Sellers can be assured that the offers they recieve are from qualified purchasers. Unemployment in Arizona still remains lower than the national level , and we are still posting larger population growth than most of the country.  Read on for more information.

Should I Sell My Home Now?

That depends, you could sell for lower than you might have 2 years ago, but if you are purchasing another home you will purchase it at a lower price as well.  So if you feel that you would like to upgrade to a different neighborhood or you need more square footage, you should consider making that move now and start gaining equity on the newer home.  If you wait, well of course the market will climb at some point and then you will garnish more on your sale but pay more for your purchase. 

Interest Rates are Low

The Mortgage Bankers Association forecast the federal funds rate to remain at 4.5% throughout all of 2008. The 2007 interest rate fluxuations appear to have stabilized, and the rates are quite low by long-term standards. 

A Note from the County Assessor

Since the real estate market has changed dramatically, home values have declined since the last evaluation that was done at the height of the market.  You should have seen a reduction in both your value and taxes on your latest Property evaluation from the Maricopa county Assessors office.  These were mailed out in the last month.  These decreases in taxes will show up for your 2009 taxes. If you need more information you can log in at : www.maricopa.gov/assessor