If you’ve been trying to sell your home in Scottsdale, Arizona—or any real estate in Paradise Valley AZ, Tempe, or Fountain Hills—and  you are wondering when the right buyer will show up at the door, take heart.  Sales of existing Phoenix, Arizona homes are gearing up again.  The National Association of Realtors cautions, however, that new home sales across the nation may take another year to recover.

Now that the mortgage industry disruptions that peaked in August 2007 are getting under control, people who are looking to buy a Phoenix, Tempe, or Scottsdale home will be turning up in bigger numbers.  Mortgage conditions have improved partially because lenders have adjusted their practices, because interest rates are low, and because there is a 2008 limit increase on government-backed loans. 

Arizona Realtor magazine quoted NAR’s Chief Economist Lawrence Yun in their January 2008 issue saying, “I expect sales at fairly stable to slightly higher levels.”  Yun also expects home price growth in the middle section of America, helping to increase the national median existing home price in 2008, followed next year by more normal appreciation rates of 1-2 percent above inflation.

Realize that the national median home price is just one index.  There is a great disparity between local markets throughout the nation.  For example, while parts of Florida are struggling, the mountain resort areas continue to appreciate at more than healthy rates.  Parts of our state have seen high foreclosure rates.  But for other people have good credit, this is a great time to buy and they are out shopping for primary homes, second homes, investment properties, and vacation real estate in our beautiful city.

Let’s take a look at some of the scientific data that the economists assess when making projections.  The Pending Home Sales Index improved between August and October but still fell short of the figures from the previous year.  Sales were exceptionally slow at the end of 2007 and that leads them to predict only a modest improvement this year. 

As the Northeastern part of the country led the slump, it will most likely lead the recovery.  Carefully watching the numbers in that part of the nation, economists see that things are starting to improve.  In fact, existing home sales are projected to reach 5,700,000 in 2008, an improvement over 2007 but short of the 2006 numbers of 6,480,000.  The national median home price, down to $217,600 in 2007, is expected to move up to $218,300 in 2008.  Our resorts areas and two-thirds of the metro areas in the nation are actually showing price increases.

So be ready to be back in the game of selling your home.  Make sure it is spruced up for the showings!

For assistance buying or selling real estate in the Phoenix/Scottsdale metro areas, contact us at 1-888-900-LUXE.

When it comes to location and proximity to Scottsdale shopping and dining, it does not get much better than the Plaza Lofts at Kierland Commons.  The beautifully appointed loft residences are ideally situated above some of the most popular retail stores in Scottsdale.  The lofts range in size from 1,100 to 2800 square feet and the five penthouse units range in size from 3,300 to 3,936 square feet.

Outdoor amenities include a heated pool, jacuzzi, fire pit, barbecue and cozy seating areas.  Residents can walk outside and stroll to any of the fine shops and restaurants at the Kierland Commons center.  For golf enthusiasts, the Westin Kierland Resort is right next door!

The Plaza Lofts at Kierland Commons is being developed by Woodbine Southwest Corporation and is being represented by Signature Properties.  To find out more about this development, contact a Luxe real estate professional today.

The Luxe Real Estate Group unveiled its highly anticipated website on Wednesday February 20, 2008 to rapturous applause. The ground-breaking site showcases Arizona real estate and land in a way that is both a visual feast and highly user friendly. Scottsdale, Arizona is home base for the principals of Luxe, but their website reaches a much wider audience. Designed to provide buyers and sellers with a simple, efficient tool to enhance the real estate experience, the Luxe web portal is fast becoming a popular destination for consumers who desire the finest in real estate web offerings.

For buyers who want to search the Arizona multiple listing service, there is an easy to use interface that will allow them to search all listed properties in Maricopa county. The Luxe Featured Properties section showcases the latest company listings. Buyers and sellers can also educate themselves through a wide variety of real estate articles in the Luxe Library. Financing is an important part of every real estate transaction and for consumers who need a lender or a good mortgage calculator, they need look no further.

Offering residential and commercial real estate services, Luxe principals provide the finest real estate representation in the industry. To find out more, visit their site today or call toll free at 888.900.LUXE!

According to all of the recent articles and tv shows, you might think it’s a bad time to buy real estate in the Phoenix metropolitan area. That is not necessarily true – especially when you have the right information before buying and don’t panic in bad markets. Buying a home and real estate is always a great investment for someone who plans to live in it – not a short term investor. And with Phoenix area real estate inventories as high as they currently are, this is actually a great time to buy real estate in the Valley. Obviously other experienced investors feel the same way as they are coming back into this market looking for investment properties in the Phoenix-metro area. Many ask all the right questions and have all the right resources. But others are new to real estate altogether and have very unrealistic expectations that will inevitably result in a bad outcome.

As a long term investment, real estate always makes sense. In fact, anybody with a significant amount of money invested in the stock market might be re-thinking real estate as an investment right now. Just as with the stock market, as long as you are willing to wait out the bad times, you will always make money. I don’t know anybody who lost 3-5% in their real estate values last week, but people heavily invested in the stock market saw instant, huge drops in their net worth because of real estate fears. In reality, whether your money was invested in real estate or stocks last week, you didn’t lose anything if you didn’t panic and sell. In other words, both stocks and real estate will always increase in value over time, making them great long term investments, so there is no need to shy away from real estate, even in the bad times. Short term investors, however, have to really know what they’re doing or they end up buying high and selling low, which is exactly what you DON’T want to do. Anyone who ‘flips’ properties knows that you generally set your profit when you buy the property, meaning that if you don’t buy it for the right price, there’s not much you can do to make money. And to know the right price, you have to know the market and know what you’re doing overall.

Like anything in life, if it seems too good to be true, it probably is. The people buying into get rich quick schemes are the ones bailing out now and being foreclosed on. The smart real estate people and experienced real estate agents thrive even during the bad times.

Unless you’ve been living under a rock for the past six months, you are probably aware of the dire reports about our real estate market. Indeed, the whole country seems to be suffering. Inventory levels remain at all time highs and we have seen a 10 to 15% decline in home values across the state. To add fuel to the fire, mortgage companies throughout Arizona have been closing their doors leading to a cash crunch.

So, where’s the good news you ask? Well, let me explain why Arizona’s real estate future looks bright:

Despite a floundering real estate market, Arizona’s job growth has remained strong throughout 2006 and 2007. Typically, Arizona accounts for one out of every 52 jobs created in the United States; however, over the past year, Arizona has accounted for a remarkable one out of every 15 jobs created in the U.S. According to the Arizona Blue Chip Economic Outlook, employment should be up 3.7% during the next year which means an additional 73,400 jobs will be created—more jobs means more workers and more workers means more housing will be needed!

Population growth is another important factor in Arizona’s positive outlook. According to the Census Bureau, Arizona is expected to grow by 5.6 million people over the next three decades. The greater Phoenix metropolitan area is expected to grow by over one million people over the next 10 years. Arizona is currently the second fastest growing state in the nation—just behind Nevada. More people moving to Arizona means more housing will be needed!

And, let’s not forget the weather—Arizona enjoys over 300 days of sunshine per year and does not experience earthquakes, mud slides, devastating tornadoes, hurricanes, brutal snow storms (at least not in Phoenix) or flooding like you see back east. We have it pretty darn good here and lots of other folks thinks so too—that is why Arizona will continue to be a haven for thousands of relocating families and second home owners. Our future looks bright indeed so spread the word!