April 26, 2010 


Is the Recession Over?


According to our local economist Dr. Robert Carriera of Cochise County Community College, the recession is probably over and we are highly unlikely to see a double dip recession as initially feared.  Even though the recession may be over unemployment is high making our recovery a bit longer... we have nowhere to go but UP which is a great thing. 


In 2008 Sierra Vista the median price change for existing home sales market fell 3.7% and in 2009 the median price change for existing home sales only fell 6%,  not quite half of the median price in 2008.  The median priced site built home in Sierra Vista is currently $197,000  and home sellers are receiving approximately 96.2% of their original asking price.


There was a growth in 2009 in the volume (units sold) of existing home sales of 801 units a growth of 2.4% compared to the  2008 volume of 782 units sold a decline of 18.6% from the year before.


The market is beginning to show an upward trend in the volume of units sold and probably has hit bottom of  regarding market values.  Only time will tell especially when the Tax Credit ends April 30 of this year and we continue to see some more foreclosures that are selling for approximately 93% of the original asking price.  


Again we must thank the Military, Border Patrol, Government Contractors and Retirees for our local economy that is doing much better than other parts of the United States.  Sierra Vista is a transitional city allowing our market to have a bit more stability.  



February 24, 2009

 

“A Recession is a Terrible Thing to Waste"

 

That's right, folks aren't wasting time, and they’re buying homes because housing inventories are high, prices are low and interest rates are low, which is a great combination for buyers.   When a Buyer has a sense of value for the dollar they're spending they will make good offers.

 

Sellers are doing well too.  When the property is priced well, and  in good condition when placed on the market for sale they will recieve offers, sometimes multiple offers, but we can't allow this to give us a false notion that the market value is increasing. 

 

 Many indicators will have to be considered to determine an increasing market.  These indicators will be historical data which means we will be at least six months into the market value increase before we know we've had a market value increase.  Example,  our current recession was acknowledged in December of 2008 but we had been in a recession since December 2007. 

 

We have the Military, Border Patrol, Government Contractors and Retirees to thank for our local economy that is doing much better than other parts of the United States.  Sierra Vista is a transitional city allowing our market to have a bit more stability. 

 

 

 

January 19, 2009

 

The Housing and Economic Act of 2008

 

  • The tax Credit is available to individuals who have not owned in last 3  years or  has never owned a  home. 
  • A Tax Credit of 10% of the purchase price, not to exceed $7500.00.
  • Purchase must have been made after April 9, 2008 but before July 1, 2009
  • Income Limits are not to exceed $75,000 for single or %150,000 for couples
  • The Tax Credit is more of an interest free loan which must be paid back in 15 years

 Call Evetta for further provisions provided in this Law.  520-227-9329