As you know, I teach continuing education classes at Arizona School of Real Estate and Business (ASREB). Last week, ASREB hosted their annual instructor update. This is a great opportunity for me to hear about the legislative changes that have a direct impact on real estate. Also, this is where I can get get the inside scoop on the residential market from the “feet in the street” perspective on our market.
Looking back at market data, you can always point to a trend. The first apparent trend in the data was January 2008 was the “bottom” for residential real estate transactions (page 5 of pdf).
Multiple offers are making time on market shorter. The most active price segment right now is $200-250K. 5 years ago, it was the $100-120K. Cash is the most used method of buying a home today (which confirms the investor activity in our market).
On page 16, there is information about a 3.8% tax that was passed on capital gains from the healthcare bill.
Overall, Bill Gray, our moderator, did a fantastic job.
Here is the link to the full report: Instructor Update June 2012