As part of the Fiscal Cliff negotiations, Congress has renewed the 2007 Mortgage Debt Act. What does this mean for Arizona Short Sale transactions? The extension means homeowners now will be excused from paying taxes on forgiven mortgage debt through 2013. The law, established in 2007, was set to expire Dec. 31, 2012.
In an effort to keep the economy on the way to recovery, interest rates will remain historically low for the foreseeable future.
The reduction in distressed inventory and improving equity will stimulate homeowners to consider listing their homes as traditional sales. Distressed sales, long regarded as the bane of the Valley’s pricing recovery, were 57.7% of total sales in January of 2012, declining 18.3% by year end.
First time home buyers are expected to re-enter the market now that they are not afraid their investment will lose value.
Many of the previous homeowners who lost their home to short sale will now be eligible to re-enter the market to purchase instead of leasing.
The increases in property values will continue to rise. However, compared to the mid-2000′s the current prices remain a ‘bargain’. The median list price for a property in the greater Phoenix metro area in December 2012 was up 30.1% from the median list price in December 2011
In general, the more positive outlook regarding jobs and the economy will boost the greater Phoenix metro area real estate market.
As we move forward from the real estate housing boom to the burst bubble. We have survived the drastic economic downturn and now look forward to recovery. However, we have no crystal ball to see and accurately predict what lies ahead. Hopefully, we have learned from our past mistakes. The positive 2012 Arizona Real Estate Market gives us hope as we look forward to 2013 and beyond. As Americans, home ownership is a major part of the ‘American Dream’. If you or anyone you know is looking to sell a home, or even just interested in learning more about the Arizona market please feel free to give me a call at (480) 290-6959, email me at [email protected]or check out my website atwww.arizonaelitehomes.com.
Author:Carlie Goulet Emily Duarte Phone: 480-999-2338 Dated: May 30th 2013 Views: 117 About Carlie Goulet: What We Stand For
The Benefits of a Team:
We found that using a team of specialists is the bes...
View our latest blog posts in your RSS reader. Click here to access.
Lux Home Group at Keller Williams Realty is comprised of FULL TIME real estate professionals in the Phoenix area. Real Estate is not only our job, it is our passion. So, if you are interested in buying, selling, or renting a home in the greater Phoenix Metropolitan Area, or you would like to get involved in the fabulous world of real estate sales or investing, give us a call at 480-788-9660 or email us at [email protected] If you just want to hang out with some super fabulous people...you can call us for that, too.
No need to look any longer to find your new home... Here it is! Tastef
I just wanted to take a min. and say thank you ! SO MUCH For all you did in helping us through the buying process.
As crazy as it got at times I always got a sense of calm after I would speak with you.
both you and Krystal were great to work with and I would gladly refer your firm in the future to friends and family.
Again . . THANK YOU !