Scottsdale Mortgage Rates Fall Again
Mortgage interest rates have just hit another new low. Mortgage rates declined for the third consecutive week. The 30-year fixed averaged just above its record low while the 15-year fixed averaged a new all-time record low of 3.11% surpassing its previous low of 3.13% in March 2012. 30 year fixed rate mortgages averaged 3.88% with an average 0.7 point for the week ending April 12, 2012. Last year at this ...
Scottsdale Real Estate Market Changing Quickly
I recently had the pleasure to attend a presentation of current market statistics by Michael Orr. He is a local authority on Scottsdale home trends. He is the founder & publisher of the Cromford Report and Director of the Center for Real Estate Theory & Practice at Arizona State University W.P. Carey School of Business. His analysis of the current market in Scottsdale was: Foreclosures are drying Up in Maricopa County ...
Cash Investors are Snapping Up Scottsdale Homes
Home sales are up across Scottsdale. This is blatantly obvious in the more affordable Scottsdale neighborhoods. Many families looking for affordable places to live in Scottsdale are getting squeezed out as more and more investors move in. Investors are taking advantage of the market and paying cash. Regular buyers who need a mortgage are losing out because they can't compete again the cash buyers. Sellers always prefer cash deals over ...
Valley Housing Market Improving
The Phoenix and Scottsdale housing market improved by almost every measure in February, with an increase in values, an uptick in homes sold and a drop in the number of foreclosures. The Arizona Regional Multiple Listing Service reports that 7,249 homes sold in February, up 1.3 percent from a year ago. “Sales above 7,000 units are seen as robust for the Valley’s market,” the report said. Median sale prices also ...
Buyers Sitting on the Fence are Missing Out
For the past several weeks, I have been sharing statistical information with you showing how the Scottsdale real estate market is changing. This Sunday, the Arizona Republic echoed the sentiment. Sunday's story recounted the fact that the market has shifted. This perfect storm of shrinking inventory, increasing sales, pent up demand, and shrinking levels of foreclosures, leaves many buyers without the options they had just a few short months ago. The Scottsdale ...
Phoenix and Scottsdale Real Estate Market Snapshot
Here is a quick snapshot of the current Phoenix and Scottsdale real estate market as of February 2012: Active inventory of homes for sale was 23,732, a 41% decrease from February 2011. Closings of homes sold were 7,276 closings in February 2012, 1% above February 2011. Months of Inventory was 3.3, down from 5.6 in February 2011. Median price of sold homes was $122,000 for the month of February 2012, ...