Metro Phoenix's housing market recovery has been long and slow. But it's on track.
And this year is poised to be the best year for home sales and prices in the Valley in nearly a decade.
Last year, home prices, sales and new construction rebounded from 2014's disappointing results. Foreclosures continue to shrink.
Last December, the Federal Reserve raised interest rates for the first time in ten years. The last time the Federal Reserve raised interest rates the housing bubble of the 2000's popped, setting off the worst housing market since the Great Depression.
The housing market "recovered" over the past five years as the Federal Reserve lowered interest rates to zero percent and engaged in three rounds of "quantitative easing" (QE) that involved printing money to buy about $2 trillion worth of near worthless mortgage backed securities from the nation's largest banks and about $2 trillion of U.S. Treasury Bonds from Uncle Sam.
Read more... https://smaulgld.com/rate-hike-mean-real-estate/?subscribe=success#blog_subscription-5
A new luxury home brokerage called Launch is drawing some of metro Phoenix's top real estate agents.
Scottsdale-based Launch, started by Valley real estate entrepreneur John Vatistas earlier this month, has already added well-known Valley agents Sandra Baldwin, Ronnie Gilbert, Robert Joffe, Heather Maclean, David Newcombe and Chris Morrison to its roster.
Predicting if and when Millennials will buy homes is a big money question for the real estate industry.
A group of up-and-coming Millennial leaders from metro Phoenix shared their opinions Wednesday on how they and their peers view housing with more than 1,000 of Arizona's top real estate executives at Urban Land Institute Arizona's annual Trends Day conference.
In a year-end Douglas Elliman market report, the theme that unites South Florida real estate trends just may be recovery. In large part, single-family homes outperformed condos, and prices inched upward. As inventories climbed, sales volumes slid. Several records were set. In Palm Beach, records were set on price per-square-foot, which came in at more than $2,000.
Call it an eyesore. Call it a piece of Arizona history. However you want to describe the Phoenix Trotting Park — it can be yours for $16.5 million.
The 194 acres that encompass the massive, abandoned horse-racing track hit the market in late December. The structure, located near the interchange of Loop 303 and Interstate 10, has been vacant for more than 50 years.
A $2 billion Ritz-Carlton resort and luxury residential community is scheduled to break ground in Paradise Valley this spring, setting the stage for the high-end hotel brand to re-enter the Phoenix-area market by the end of 2018.
Read more... http://www.azcentral.com/story/news/local/scottsdale/2016/01/15/new-ritz-carlton-coming-paradise-valley/78846796/
An out-of-state publicly traded homebuiler has taken aim at another Atlanta-based homebuilder.
Scottsdale, Ariz.-based Taylor Morrison Home Corp. (NYSE: TMHC) is buying Atlanta-based Acadia Homes & Neighborhoods LLC for $85 million.
Read more... http://www.bizjournals.com/atlanta/news/2016/01/08/taylor-morrison-buying-atlanta-homebuilder-for-85.html
Two large towers could be coming to Tempe's growing skyline.
A proposal calling for two 23-story apartment high-rises with more than 500 units along the south side of Tempe Town Lake will face a city panel's review in early January.
Buyers looking to get their hands on some Fannie Mae mortgage servicing rights have that opportunity.
Interactive Mortgage Advisors announced earlier this week that it is acting as the exclusive broker of a $1.5 Billion Fannie Mae bulk residential mortgage servicing rights portfolio.
American homeowners are finally digging out of the financial crater formed by the mid-2000's real estate crash.
Single-family house prices in nearly 40% of 401 metro areas were at or above their pre-recession peak in the third quarter, according to an analysis of CoreLogic Case-Shiller home-price data by Moody's Analytics.
Read more... http://www.usatoday.com/story/money/2015/12/29/home-prices-peak/78030138/
If you're thinking of buying or selling in 2016, think about these market factors.
For one, commercial real estate is doing well, recovering still from the Great Recession. In particular, development along the 303 and communities bordering is robust. Commercial real estate includes residential, five units and more, retail, manufacturing, industrial and office.
Read more... http://www.azcentral.com/story/money/real-estate/2015/12/31/housing-2016-factors-consider-new-year/78018578/
Many first-time homebuyers in metro Phoenix are struggling to find houses in their price range.
It doesn't help they can borrow less to buy with an FHA loan than first-timers in other cities where home prices are lower.
