November 5, 2010

Things are looking up. Confidence, Jobs and Home Sales.

We’ve been waiting and watching, and watching and waiting. Now authorities have affirmed that a sales recovery has begun.

On Monday, according to the Phoenix Business Journal, the National Association of Realtors (NAR) said that existing homes sales rose once again in September. Across the country the number rose by 10 per cent, and although the article did not break down state or metro numbers, Arizona State University reported 4,900 home resales in the Phoenix area alone. That’s an increase of about 100 for the month.

Couple that with the recent findings that the job market in Arizona is recovering and things are looking positive indeed.

For the past two months, the state has been adding jobs (compared to the previous year), which bodes very well for homebuyers. Small gains in jobs will ultimately translate into more consumer and business confidence, spending and hiring.

And already economists and consumers alike are starting to sense improvement. The latest Consumer Confidence Index sited on azcentral.com boosted the index to a yearly high of 56.3, compared to 49 in July.  While economist Tom Rex of Arizona State University remarked in the same piece:

“We have clearly ended the recession, and things are better and will eventually become much better.”

Of course, Rex did warn it wasn’t smooth sailing just yet. The jobless rate is expected to stay reasonably high a little while longer, as it typically does early in a recovery.

Regardless, there is reason to feel optimistic. University of Arizona economist Marshall Vest expects to see a job growth of two to three per cent within a few months compared to last year. Eventually, as more people re-enter the job market and the economy continues to grow, property values will begin to rise.

What’s more, it seems that the majority of house hunters will be looking to purchase in Phoenix. Topping ZipRealty’s Home Hunter report for the eighth consecutive quarter as one of the most searched cities was none other than the home of the Suns.

Clearly then, purchasing a home in the heart of mid-town Phoenix is nothing but a favorable opportunity. Historically low mortgage rates and a transfer of ownership from the bank to the current owner means ONE Lexington’s soaring loft-style urban condos are priced to sell at an exceptional rate. One-bedroom suites are starting at $159,000, and we’re offering to cover HOA fees for one year on all remaining one bedrooms and select two bedrooms (offer ends December 1, 2010). Of course, these rates won’t last forever. ONE Lexington is already over 50 per cent sold.

A resurging market in a future-focused city. ONE Lexington might just be the best move you’ve ever made.

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