Scottsdale Real Estate News

Existing Scottsdale home sales are expected to finish the year at their highest level since 2006 according to the National Association of Realtors’ economic forecast forum revealed at its 2015 Legislative Meetings & Trade Expo.

However, accelerating price growth and rising mortgage rates have the potential to change the expected finish.

Existing Scottsdale home sales are expected to hit their highest level since 2006 by the end of 2015

In the most recent existing-homes sales report, sales surged to their highest annual rate in 18 months, showing a promising beginning to the spring homebuying season.

Nationwide, total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, jumped 6.1% to a seasonally adjusted annual rate of 5.19 million in March from 4.89 million in February — the highest annual rate since September 2013 (also 5.19 million).

What's Driving Scottsdale Home Sales?

Sustained job growth and interest rates below 4% have been the catalyst behind the improvement in Scottsdale home sales where supply needs to increase measurably to meet the pent-up demand for buying.

Unlike the existing Scottsdale home sales market, demand for single-family new home construction remains weak, and the homebuilding industry is acting accordingly by focusing on multifamily rental housing. New home construction for first-time buyers is about half of the long-term average and the reason is simple: the decline in homeownership and marriage rates among young adults. Things are not projected to return to normal levels for the building market until at least 2017.

Get more news regarding Scottsdale home sales and the trends affecting those sales in our Scottsdale Real Estate News section below our Scottsdale Real Estate Categories in the column to your right.

Remember, we also post daily on our Facebook Page, and over at Twitter. We'd love you to check us out there too.

With Scottsdale home prices continuing to rise, some fear that another housing bubble like we experienced in 2006 to 2008 may be on the horizon. We're seeing some of the same signs again like bidding wars, offers above asking price, closings before houses even hit the market. Signs that are once again becoming the norm in the real estate industry. But some economists say, any potential housing bubble this time around will be different than the one we all went through before.

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Because interest rates are still hovering near all time record lows, it's a good time to get into the market before those rates start to rise as everyone is forecasting them to do. But as Scottsdale home prices keep rising, and then when rates start to rise, home buyers will have to settle for a lot less house for the same monthly payment later versus what they can get now, IF they have good enough credit to qualify.We have more news almost daily in our Scottsdale Real Estate News section of articles under Scottsdale Real Estate Categories to your right.
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And don't forget, we also post tips daily on Twitter and Facebook, sometimes pertaining directly to Scottsdale home prices. Find us there as well. .

Recent research from the National Association of Realtors (NAR) shows that distressed buyers are slowly but surely making their way back to the Scottsdale housing market.

According NAR’s report, nearly 1 million borrowers who were foreclosed on, short sold their home or received a deed in lieu of foreclosure over the last eight years have already purchased a new home. Another 1.5 million are expected to do so over the next five years, as they once again become eligible for financing.

The Scottsdale housing market could see a surge of so-called "boomerang buyers," those who lost their homes to these foreclosures, but are ready to buy again. Jill Schlesinger explains what this means in a recent CBS news report.

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In a report earlier this year, RealtyTrac noted that Generation X and Baby Boomer “boomerang buyers” could "represent a massive wave of potential pent-up demand that could shape the Scottsdale housing market in the short term even more dramatically" than the millennials' entrance into home ownership.
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"The markets most likely to see the boomerang buyers materialize are those where there are a high percentage of housing units lost to foreclosure but where current home prices are still affordable for median income earners and where the population of Gen Xers and Baby Boomers … have held stead or increased during the Great Recession," RealtyTrac noted in its report.
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We have more news concerning the Scottsdale housing market in our Scottsdale Real Estate News section under Scottsdale Real Estate Categories to your right.
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And don't forget, we also post tips daily on Twitter and Facebook, sometimes pertaining directly to the Scottsdale housing market. Find us there as well.
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Attention potential sellers sitting on the fence: It could be time to make a move to sell your Scottsdale home now.

Mid-March to mid-April is typically the best time to hang the for sale sign on your Scottsdale home. With homes selling 15% faster and for 2% more than the average sale, according to Zillow, the window tends to be a little earlier for sellers in warmer climates and a little later in colder climates.

"It's still predominately a seller's market, but less so than the last year or two," according to Stan Humphries, Zillow's chief economist. "Some advantages are moving back to buyers; but largely and broadly … it's still favoring the sellers."

Here are four reasons you might want to list your Scottsdale home for sale NOW:

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Tight inventory is a main reason the ball is still in the sellers' court.
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The level of unsold homes was 4.6 months in February, according to the National Association of Realtors. That means it would take a little less than five months for all available inventory to sell. In a normal market, a five-to-seven month supply is considered balanced, said Danielle Hale, director of housing statistics at the NAR.
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Tight inventory tends to prop up Scottsdale home prices and can result in multiple offers and spur bidding wars.
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But at the same time, low supply is also keeping some sellers in their homes. "They aren't typically going to sell and then rent," explained Hale. If sellers aren't comfortable that they will be able to find a new home, it can keep them off the market. "There needs to be more construction in the market to ease the pressure," she said.
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We have more tips for selling your Scottsdale home in the Scottsdale Home Selling Tips section under Scottsdale Real Estate Categories to your right.
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And don't forget, we also post tips daily on Twitter and Facebook, sometimes pertaining directly to selling a Scottsdale home. Find us there as well.
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When the housing bubble burst, the desire for buyers to want bigger Scottsdale homes faded, but according to trends and statistics, that was short-lived and seems to be back to its 80-year trend of buyers wanting larger homes.

Trends Moving Toward Bigger Scottsdale Homes

Zillow Chief Economist Stan Humphries says the trend is back to buyers wanting bigger Scottsdale homes again. He spoke on "Bloomberg Surveillance" about the current trends and market data that is available today. He also talks about what rising interest rates may do to the Scottsdale homes market…

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We have more news as it relates to the numbers that affect Scottsdale homes and the overall housing market in the Scottsdale Real Estate News section under Scottsdale Real Estate Categories to your right.
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And don't forget, we also post tips daily on Twitter and Facebook, sometimes pertaining directly to Scottsdale homes, trends and prices. Find us there as well.
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