Those intending to invest in Phoenix and Scottsdale luxury homes will find the market to contain a wide range of very competitively priced homes for sale...
Scottsdale, AZ (PRWEB) April 1, 2010
Financial magazine Barron’s recently reported a resurgence in the luxury real estate market, with home prices “turning upward” in “some of the snappiest locations.” The magazine also relayed that bargain hunters are finding great deals in second homes “with prices off as much as 40%.” This set of conditions holds true in Phoenix and Scottsdale, as well, reports leading local Realtor Kelly Tiff.
“Those intending to invest in Phoenix and Scottsdale luxury homes will find the market to contain a wide range of very competitively priced homes for sale,” said Tiff. “The recent upward trend in home sales in the Phoenix area shows that more and more investors are rediscovering the opportunities that the luxury home market here offers.”
Some experts believe that the real estate market in Phoenix will stabilize in the near future, as indicated in a recently released report from Arizona State University’s W.P. Carey School of Business. The report states that, should current trends reflecting a slowing down in the rate of decline continue, then home prices should level off in the spring.
“While the market in general is already showing initial signs of recovery,” said Tiff, “prices continue to remain attractively low, especially in Scottsdale and Phoenix luxury homes. Even the most exclusive of Scottsdale gated communities contain quite a few surprisingly affordable options these days.”
Apart from the low home prices, another factor that makes the current Phoenix luxury real estate market particularly favorable for buyers are the equally low mortgage rates. 30-year fixed-rate mortgages for buyers with credit scores of 700 and above, for example, hover at and below the 5 % mark. 15-year fixed-rate mortgages have a 4.61 % mortgage rate as of March 26.
Those interested in luxury homes in Phoenix and Scottsdale will find more in-depth information on the region’s local markets at her website, http://www.LifestylesElevated.com. Kelly Tiff is the head of The Kelly Tiff Team, a group of real estate professionals specializing in homes of distinction in the Phoenix metro area.