Buy Arizona Real Estate Now

Now is the perfect time to buy property in Arizona. Prices are lower than they have been in years and the new homebuyer tax credit act was recently signed into law.

The new law extends the $8000 tax credit to April 30, 2010 for first time homebuyers who are buying a principle residence. However, if they are under contract by April 30, a home purchase completed by June 30 would qualify. The big change with the new legislation is that more people are now eligible to take advantage of the law, which includes a $6500 credit for current homeowners as long as they have been in their home for at least five of the past eight years. The Act establishes income limits of $125,000 for single taxpayers and $225,000 for married taxpayers filing joint returns.

Even without the advantage of the homebuyer tax credit, it still would be an ideal time to purchase a home. Prices have dropped at a historically significant rate. According to the National Association of Realtors, the median price of an existing single family home in the Greater Phoenix Metro area was down 41.9% between the first quarter of 2008 and the first quarter of 2009, a decrease from $222,200 to $129,200. The median home price peaked at $266,523 in June, 2006. However, the Phoenix market has found the floor and has definitely been trending upward. The median home price appears to have bottomed out in April and has been rising, or at least remained steady, every month since then. So, buyers need to get in while it is still hot!!

There is a huge supply of housing available in the Phoenix market, and you can get a lot for your money. Whether you are looking for a primary residence or just looking to invest, now is the time to do it. Visit my website at www.robbohr.com. You can enter criteria of the types of properties you are looking for and I can begin sending you listings today.