The real estate business is a cyclical business. Over the years the cycles are affected by mortgage rates, unemployment, inflation and government policies. The latest downturn is slightly different.. Housing demand is driven by adult population growth. One of the ways to measure this growth is job growth. Although the current unemployment is less than 5%, other factors such as over supply and higher mortgage rates are effecting the ability of buyers to purchase a home.
Consumer confidence has been low but the future is looking bright. Now is an excellent time to purchase a home as the prices have declined making homes more affordable, interest rates remain relatively low and there is still a wide variety of options available to buyers.
- There are 5,602 available properties presently listed for sale in Scottsdale. Of those properties 3,861 are single family, 249 are patio homes, 609 are townhomes, and 767 are condos, 79 are lofts.
- There are 483 properties currently in escrow.
- 813 have closed escrow from June 1, 2008 to Sept 18, 2008.
Remember, every down cycle is the beginning of an up cycle!
Check out the local Scottsdale MLS:
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Scottsdale properties:
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Contact Gary and Claudia @ AZ-real-estate-sales.com
garyandclaudia@cox.net
