According to the National Association of Home Builders “Housing will see gradual improvements in activity this year as the nation’s economy and job market continue to move to higher ground, establishing momentum that will produce more considerable gains in 2012, according to economists who appeared at the NAHB International Builders’ Show in Orlando on Jan. 12.”
“This year’s spring selling season will be better than last year’s,” said NAHB Chief Economist David Crowe, with job growth providing a stronger stimulus in the housing market than last year’s tax credits for home buyers.
Read the full article and analysis at the NAHB site.
As we all know the Arizona market was hit harder than most in the falling Real Estate markets that began in 2006/2007. Even the luxury markets I specialize in of North Scottsdale and Paradise Valley were affected.
But it’s great to see calls for an optimistic outlook. Everyone likes to see a buoyant housing market.
If you are thinking about purchasing a vacation property or second home now could be a great time to buy before the predicted gains through 2011 and 2012. Likewise if you are thinking of moving up the property ladder now could be a great time to buy. Consider this if you own a $500,000 home today and are thinking to upgrade to a $1 million home, you will need to bring an additional $500,000 to closing. If the housing market were to rise 20% by 2012 you would need to bring $600,000 to closing to make the same move up the ladder.
Please feel free to connect with me if you’d like to discuss the Scottsdale Real Estate market and your options.