Scottsdale, AZ: High-end Homes Help Market, Prices

Scottsdale: High-end homes help market, prices
from the USA TODAY, reports that the upper-end market in Scottsdale is holding steady and propping up overall home prices, which are relatively flat, according to Mike Deuitch, president of the Scottsdale Area Association of Realtors. "The luxury home market has fared a little better than the rest of the market over the last year or so," added Mike Glover of Prudential Arizona Properties. Still, sales volume at the top end of the market isn't enough to make up for the skidding sales for homes priced below $700,000. Compared with May of last year, single-family home sales in Scottsdale overall are down nearly 23%. The article says that a median priced home in Scottsdale would be around $630,000 with 5 bedrooms, 3 baths and 3,339 square feet. The article also notes that there are a record 45,175 single-family homes for sale in the Valley.

East Valley sellers find creative ways to make a deal
from the East Valley Tribune, reports that with more than 50,000 homes for sale in the Valley, some East Valley sellers are looking at creative alternatives to sell their homes, such as "housing swap", a popular category on Craigslist. The site allows sellers to post ads, seeking other sellers who would be willing to buy their home and visa versa. House swapping likely wasn't even seen a couple years ago when it was easy to sell a home for a great price, said Scottsdale real estate agent John Wake. "When I first heard about it, I thought it was a crazy idea, but it might work for somebody," Wake said. But Gilbert real estate agent Bill Christie said he's never heard of a successful swap deal, though he's seen ads for them.

First-time buyers get shut out from the Arizona Republic
reports that with rising home prices and tightening lender requirements, many first-time home buyers are doing whatever they can to qualify for a new home, such as taking on second jobs, tapping into retirement funds and moving back with mom and dad. For first-time buyers, the market is more challenging at any time since the early 1990's. Nearly half of first-time buyers nationwide last year put no money down, according to the National Association of Realtors. Now, with lenders requiring bigger down payments, it is more difficult for the first-time buyer. "I could put anybody in a loan last year," said Stephanie Gagnon, a senior loan officer with First Capital Mortgage in San Diego. "But in the last six months, all of the big lenders are shutting down all special programs they were working with because they've realized it's bitten them." Now, she says, "I'm turning away 50 percent of my first time home buyers. They just can't qualify."

Housing Bubble and Real Estate Market Tracker from SA for 7/24