Arizona Real Estate Market: When will My Home Value Return?

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Arizona Real Estate Market: When will Home Values Return?

The motto of Arizona may be – at least, according to the housing market – slow but steady wins the race.

Arizona’s housing market, which peaked in June 2006 and subsequently tanked in April 2009, is now seeing a slow rebound. Momentum is slow, but the market is picking up. You may just have to be patient to see home values return to the levels enjoyed during the peak period. According to the Fiserv Case-Shiller Analysis, home values are not expected to return to Arizona until the first quarter of 2020.

Arizona began to see a light at the end of its proverbial tunnel in January 2010, when it recorded a record number of pending sales. This signified, of course, an increase in demand, which was good news across the board. But as a home owner, you may be wondering, has the Arizona market stabilized yet?

Waiting for the Stabilization of the Market

Stability remains to be seen. Some markets have bottomed out and are on the mend, while other markets are still experiencing flat or declining sales. It is also important to note that short sales continue to dominate the market, and they are expected to do so throughout 2010.

Although 2009 saw a 60 percent increase in short sales, many lenders this year are working to aggressively move these properties by promoting special programs. The foreclosure-to-sales ratio still remains at about 1:1; this number has stabilized, thereby showing promise for the market.

The Affect of the Immigration Law

One of the biggest factors now affecting the Arizona housing market is the state’s controversial immigration law. Many real estate experts fear that foreclosures will rise as a result of families leaving the state. In fact, some experts see entire communities being destroyed as a result of the immigration law.

This is because real estate agents understand that many illegal immigrants own homes in the valley. In addition, there are many circumstances in which one spouse is legal and the other spouse is illegal. Because of the fear of deportation and the family being torn apart, many families will simply leave Arizona – and their houses behind.

Although the immigration law hasn’t taken effect yet, there is a considerable amount of fear present, which many agents see as affecting home sales in certain areas. The law is set to go into effect on July 29, and it is still unclear what the effects will be on Arizona’s housing market.

Overall, Arizona appears to be on a steady – albeit slow – path to recovery. Your home’s value is expected to return to peak levels by 2020, although many believe that the new immigration law could have a negative affect on this prediction


10 Largest Cities in Alabama

1. Phoenix 1,321,045   6. Chandler 176,581
2. Tucson 486,699 7. Tempe 158,625
3. Mesa 396,375 8. Gilbert 109,697
4. Glendale 218,812 9. Peoria 108,364
5. Scottsdale 202,705 10. Yuma 77,515

 

 

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