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Arizona Real Estate

The housing market collapse that spanned the years 2007 to 2009 did not spare the Arizona's real estate industry as it was as battered as any other. And while the ruins haven't completely disappeared, the industry saw marked improvement between 2011 and 2012 albeit recover is still very weak. Still, a lot of people feel more confident to buy real estate this year and experts assert that investing in real estate now has good prospects for a handsome return on investment in a couple of years.

As usual, there are some general things to keep in mind before you put pen to paper and complete the purchase of your new home, regardless of where you're buying the house.

Firstly, you should be thorough with your due diligence inspections. This means that you must do more than hiring an inspector to look at the place. Once you've picked serious interest in a listing, you should start the due diligence process right away.

It takes a lot of time and energy to make a purchase offer for a property. Before your real estate agent concludes the deal, get as much information as you can. Undoubtedly, it might save you a lot of trouble in future. Specifically, you want to find out if there is any reason you shouldn't purchase the property. If you skip inspections in order to save money, you may end up spending a lot more in future.

Every state has its own requirements for seller disclosure. In Arizona, it is mandatory for property sellers to disclose all crucial information about the property being sold. Thus, you should get a full disclosure package that entails any reports and disclosures of facts to potential buyers.

In particular, you must get all the pertinent information about the physical condition of the property before you proceed on other things. Usually, this is the information that will help you discover whether the property you intend to buy needs additional investment in repair work than your budget can afford. Fortunately, property sellers in Arizona can access a disclosure template form created by the Arizona Association of Realtors known as the Residential Property Seller's Disclosure Statement. This statement lists all the important details you must prior to a buyer prior to finalizing a sale.

If the facts revealed in the disclosures are within your expectations, proceed with the purchase.

You might also like to check the crime situation of the area if you're sensitive about crime and lawlessness. The local Police is the best place to get such information. Of course, if you're purchasing a property in any of the larger cities - especially Phoenix - you should expect the crime rate to be somewhat higher than in far flung areas.

Check public transport options if you commute to and from your work place. If you intend to buy a home within walking distance of a commercial center, find out how long it takes to walk from your proposed new home to the shops and cafes.

One important final thing before you complete the deal is to understand the state's property tax. It is a major source of confusion among many property buyers. In truth, it is not easy to tell what your property tax bill will be because the actual amount is dependent on where you buy the property. Typically, your tax rate will be determined by things such as schools, bond issues, colleges, water district, and the particular city.

Real Estate Market By Region

Phoenix Metro - Although the housing market recovery has been slow since 2011 and met with several obstacles, real estate prices in the Phoenix Metro region have steadily risen over the past two years. The median price for a single family home rose 27 percent to $190,000 from the 2012 price of $150,000, according to a report by Arizona State University's W. P Carey School of Business. This rise is partly due to a short supply of homes for sale but also due to the slow construction of new homes, which is not meeting the current demand.

West Valley - Just as in the Phoenix Metro area, the West Valley region has seen property prices skyrocket in the past couple of years mainly because of two reasons: firstly, the demand for homes has shot up as people's incomes have recovered after the crisis and secondly, new homes are in short supply as a result of slowed construction. As you'd expect, there are a couple of hotspots in the West Valley that command higher prices due to demand, including places along Happy Valley Road that goes through Glendale, Phoenix, and Peoria.

Southeast Valley - The southeast valley has some of the state's priciest properties, with prices averaging $500,000 in some hotspots. The valley comprises six major areas that have a mix of qualities that have contributed to the skyrocketing property prices including Mesa, Apache Junction, Chandler, Gilbert, Tempe, and Queen Creek. The southeast valley offers a blend of quality education for academic achievement, steady economic growth, and a varied range of activities to suit different tastes.

Central and southern region - After experiencing one of the worst home closures in 2010, the real estate market in southern Arizona has been changing rapidly since the recovery began more than a year ago, as with many parts of the country. But the market here has not really taken off as in other places.

Northern Arizona - Like southern Arizona, the property market in the northern region is constantly changing. However, places like Flagstaff are ranked highly in the country in terms of recovery. Thus, investing your money in property here would be wise.

Overall, the property market in Arizona is showing strong signs of recovery and there is very reason to invest now. Expectedly, the southeast valley and Metro Phoenix regions have shown the strongest recovery and have some of the priciest properties.

Remember, before you put your money in any property for sale, perform your due diligence thoroughly. Working with an experienced Arizona realtor will make your life a lot easier.

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