Category — Scottsdale Homes

Pre-Approved price for this Gorgeous Scottsdale Condo!!

Phoenix Real Estate Stats

Currently valleywide we are looking at about just under 7 months supply of homes available for sale. A healthy market here in Phoenix would be closer to the 3 month supply mark.

Here are some stats for geographic areas:

Scottsdale — 11 month supply
Camelback Corridor — 10.5 month supply
Cave Creek — 10 month supply
Fountain Hills — 13 month supply
Paradise Valley — 20 month supply

Luxury Homes priced at 1 million and above are showing an over 27 month supply. 92% of Phoenix’s home sales are under the $400,000 price point and we feel this will continue in the future.

Facts about the Tax Credit Extension:

First Time Homebuyers (Not having owned a primary residence in previous 3 years) may receive a tax credit of 10% of the purchase price of the home up to $8,000.

Current Homebuyer Credit – $6500 for current homebuyer buying a move-up home but must have lived in previous home for 5 of the previous 8 years.

$75,000 income limit applies to single, $225,000 to married couple.

Maximum price of home – $800,000

Credit End Date – April 30, 2010

The vote to extend the tax credit has been pushed to the first week of November, 2009. It could be pushed even further but considering we are coming up on the final days it would probably be best for them to get it voted in as quickly as possible.

1.2 million homeowners have taken advantage of the tax credits since the inception of them this year. 8.5 billion dollars of the 13.6 billion set aside for the credits has been used and it has been a wonderful boost to our suffering economy.

Chances are the credit will be extended at least through some part of 2010 but we’re not sure what other changes may be made.

There is talk of raising the dollar amount, phasing it out in smaller amounts throughout 2010, raising the qualifying income per household from $150,000 to $300,000, as well as some other small changes but the biggest change to a new credit extension that most of the lawmakers seem to agree on is that this will be the last extension.

We’ll see what happens next week.

Buyers are in a crunch to try and get properties closed by Nov 30 to take advantage of the First time homebuyers 8,000 tax credit.

To be eligible, you cannot have owned a principal residence in the past 3 years (2nd homes & vacation homes DO NOT disqualify you!), you must close on the property on or before Nov 30, 2009, and you must not exceed the income requirements.

There is more information about the tax credit available at this link:

http://www.federalhousingtaxcredit.com