Outlook: Still growing
As more move to the Valley, more seek the holy
grail of housing
Low interest rates
and a constant flow of move-up buyers, new residents, investors and
former renters drove Greater Phoenix housing sales in 2003. At the
same time, bargain shoppers and the relentless growth in the number
of homes kept prices stable. A record 127,000 new and used homes
sold across the city as most neighborhoods saw prices increase
around 7 percent, according to The Arizona Republic's 2003
Valley Home Values report.
READ MORE >>
Finding deals in simmering communities
- House hunters looking for bargains in
neighborhoods that they expect will jump in value still can find
some deals.
Blocks vary within a ZIP code
- Not all blocks in any given Valley ZIP code
are alike. Most are full of diverse neighborhoods, where home prices
can vary by tens of thousands of dollars street by street.
Valley's million-dollar hot spots spreading
out -
Paradise Valley and Scottsdale used to be
metropolitan Phoenix's million-dollar home hot spots but big-dollar
buyers are beginning to spread the wealth. These days, it's more
common to see sales of houses costing $1 million, or more, sprinkled
in Mesa, Ahwatukee, Chandler and central Phoenix.
Condos becoming more popular
- Many Valley homeowners aren't buying their
dream homes. Instead, they are purchasing fixer-uppers that they can
turn into their dream homes.
N. Scottsdale becoming hub of luxury homes
- Wealthy part-time residents, deep-pocketed
golfers and affluent families have quietly transformed north
Scottsdale into a luxury-home hub in less than a decade.
Interest-only loans open door for more buyers
- More home buyers are betting on steady
appreciation gains and opting for interest-only mortgages. The home
loans, until recently marketed only to high-income, investment-savvy
borrowers, let borrowers pay only interest payments for at least the
first several years.
Lofts, an urban living trend, catching on in
Valley -
High-end lofts are catching on in the Valley, an
area known for its affordable fringe subdivisions. The urban living
trend readily found in other large U.S. metropolitan areas is
finally gaining popularity in downtown Phoenix and Scottsdale. Hip,
industrial-looking lofts are becoming a hot investment for baby
boomers and young urbanites.
First-time buyers get a little help
- Valley real estate agents say first-time
buyers are vigorously expanding their wedge of the market. And they
are younger than ever. And Greater Phoenix's relatively low housing
prices for the West are opening the door for many other first-time
buyers.
Ownership becomes a reality
- Buying a home in the Valley is easier than it
has been in years because of the lowest interest rates in decades
coupled with a steady stream of down-payment programs. A record
number of buyers, particularly low-to moderate-income households,
are using both to get into homes of their own.
Home designs changing to adjust to owners'
needs -
So long, stucco. Homebuilders and developers say
they are using less of the ubiquitous exterior in Valley homes. From
borrowing home concepts around the country, to amenities and
furnishings that are more luxurious, a few home trendsetters in the
Valley tell what else is in and out for today's homes.
Homeowners get good deal in tax benefits
- Congress last year gave stock market investors
a gift when it slashed tax rates on both dividend and capital gains.
Yet when it comes to taxes, homeowners still have the better deal.
The tax breaks on real estate are numerous, and they go a long way
toward explaining rising homeownership, now at a record 68.6% of
Americans.
![[0.75 inch Equal Housing Opportunity Logo]](fheo75.gif){kind=small}
