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