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Home Value Trends in Arizona

Everyone's talking about plummeting home values and real estate markets - but is it really that bad? Find out how Arizona's home value averages are holding up against other states.

Author: Ashley Lichty

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For months now you've heard the media and industry experts moan about how the real estate market is in a dive, the housing bubble is about to burst wide open and the national median home value is decreasing. If you're tired of all that bad news, here's some good news for you: the real estate market really isn't as bad as they say. Maybe, by looking at the state of the market on a national level, it has the appearance of such a gloomy forecast.

In reality, the real estate market varies from area to area, and the national home value median isn't important for you to know if you're thinking of buying, selling or relocating. (But if you're curious, the median home value in 2006 was $221,900). The only market you should be worried about is the one in the area you're selling or buying. Before deciding to sell your home, or move to a new area, it is important to get an idea not just of the average home value and rate of sale, but the economy, employment, and attractions in that area.

Arizona is well known for it's bustling capital city of Phoenix, a hot spot of cultural, natural and historical value. The whole state of Arizona has much to offer residents or visitors in the way of job opportunities, real estate and attractions. The economy is based around agricultural production in cattle, cotton, diary, lettuce and hay, while their industries focus on mining, electric and transportation equipment, machinery, printing and publishing, food processing, electronics and tourism. These markets are steady enough that job opportunities are all around, keeping the state a prime locale for new residents, which in turn helps stabilize the real estate market and home value averages.

Arizona is also home to one of the 7 Wonders of the World, the Grand Canyon, which is the biggest tourist draw in the state. Other attractions include bustling nightlife of the major cities of Phoenix, Tucson and Flagstaff (where visitors and locals alike partake in the myriad bars, billiards, casinos and music and comedy shows available) as well as the many museums and festivals dedicated to the cultural arts. With a large Native American population, Native ruins, historic and cultural sites are always a big draw, as are any sites having to do with the “Old West.” With so many different things to do, it's no wonder Arizona has been one of the top recipients of new people moving in from another state.

Arizona is currently home to 6,166,318 people, with the unemployment rate for April at about 4%, just a bit of an increase from the historical low of 3.9% from the previous month (March 2007). As of 2004 the median household income was about $43,696, which has most likely increased to about $45,000 or so by the end of 2006. The median home value in Arizona is currently $306,877 for a home a little over 1700 square feet.

Most real estate professionals agree that Arizona's market has definitely shifted to a buyer's market and the huge inventory of houses for sale help keep the home value averages down. Even the median home value for the greater Phoenix is down somewhat from what it was this time last year. Until the inventory of homes levels out, home value averages are likely to stay down.

If you're looking to buy in Arizona, now is a great time to do it. If you're trying to sell your home, be patient, because it may be a while. Supply is too high and demand is too low for Arizona home value averages to stay as high as they were a year ago. Most realty professionals predict that the market will slowly begin to rise again as long as the huge gap between buyers and sellers begins to balance out.

About Author

Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing. Find out your own home value and other valuable homeowner information at http://GetMyHomesValue.com

Article Source: http://www.1888articles.com/author-ashley-lichty-4620.html

Home Value Trends in Arizona