| For months now you've heard the media and | | | | attractions include bustling nightlife of the |
| industry experts moan about how the real | | | | major cities of Phoenix, Tucson and Flagstaff |
| estate market is in a dive, the housing | | | | (where visitors and locals alike partake in |
| bubble is about to burst wide open and the | | | | the myriad bars, billiards, casinos and music |
| national median home value is decreasing. If | | | | and comedy shows available) as well as the |
| you're tired of all that bad news, here's | | | | many museums and festivals dedicated to the |
| some good news for you: the real estate | | | | cultural arts. With a large Native American |
| market really isn't as bad as they say. | | | | population, Native ruins, historic and |
| Maybe, by looking at the state of the market | | | | cultural sites are always a big draw, as are |
| on a national level, it has the appearance of | | | | any sites having to do with the "Old West." |
| such a gloomy forecast. In reality, the real | | | | With so many different things to do, it's no |
| estate market varies from area to area, and | | | | wonder Arizona has been one of the top |
| the national home value median isn't | | | | recipients of new people moving in from |
| important for you to know if you're thinking | | | | another state. |
| of buying, selling or relocating. (But if | | | | |
| you're curious, the median home value in 2006 | | | | Arizona is currently home to 6,166,318 |
| was $221,900). The only market you should be | | | | people, with the unemployment rate for April |
| worried about is the one in the area you're | | | | at about 4%, just a bit of an increase from |
| selling or buying. Before deciding to sell | | | | the historical low of 3.9% from the previous |
| your home, or move to a new area, it is | | | | month (March 2007). As of 2004 the median |
| important to get an idea not just of the | | | | household income was about $43,696, which has |
| average home value and rate of sale, but the | | | | most likely increased to about $45,000 or so |
| economy, employment, and attractions in that | | | | by the end of 2006. The median home value in |
| area. | | | | Arizona is currently $306,877 for a home a |
| | | | little over 1700 square feet. |
| Arizona is well known for it's bustling | | | | |
| capital city of Phoenix, a hot spot of | | | | Most real estate professionals agree that |
| cultural, natural and historical value. The | | | | Arizona's market has definitely shifted to a |
| whole state of Arizona has much to offer | | | | buyer's market and the huge inventory of |
| residents or visitors in the way of job | | | | houses for sale help keep the home value |
| opportunities, real estate and attractions. | | | | averages down. Even the median home value |
| The economy is based around agricultural | | | | for the greater Phoenix is down somewhat from |
| production in cattle, cotton, diary, lettuce | | | | what it was this time last year. Until the |
| and hay, while their industries focus on | | | | inventory of homes levels out, home value |
| mining, electric and transportation | | | | averages are likely to stay down. If you're |
| equipment, machinery, printing and | | | | looking to buy in Arizona, now is a great |
| publishing, food processing, electronics and | | | | time to do it. If you're trying to sell your |
| tourism. These markets are steady enough | | | | home, be patient, because it may be a while. |
| that job opportunities are all around, | | | | Supply is too high and demand is too low for |
| keeping the state a prime locale for new | | | | Arizona home value averages to stay as high |
| residents, which in turn helps stabilize the | | | | as they were a year ago. Most realty |
| real estate market and home value averages. | | | | professionals predict that the market will |
| | | | slowly begin to rise again as long as the |
| Arizona is also home to one of the 7 Wonders | | | | huge gap between buyers and sellers begins to |
| of the World, the Grand Canyon, which is the | | | | balance out. |
| biggest tourist draw in the state. Other | | | | |