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Arizona Real Estate 2007 Survey

Arizona Real Estate Buyers & Sellers Forecast 10% Increase in Property Prices in 2007

In Q4 2006, Arizona Tax Liens.com surveyed 5,000 buyers and sellers of Arizona real estate to determine what they expected of Arizona property values in 2007. Below are the results of that survey.

View the 2007 Arizona Real Estate Survey Summary.

 

Arizona Real Estate 2007 Survey Results

Male to Female Ratio

74.3% Men (3,715 votes)
25.7% Women (1,285 votes)

Buyers & Sellers Breakdown

58.6% Buyers (2,931 votes)
32.3% Sellers (1,614 votes)
8.1% Already Own & Not Selling in 2007 (405 votes)

1% Do Not Own & Not Buying in 2007 (50 votes)

What is Being Bought & Sold

59.4% Buying/Selling Primary Home (2,971 votes)
9.9% Buying/Selling Second Home (496 votes)
21.3% Buying/Selling Investment Property
(1063 votes)
9.1% Not Buying or Selling (455 votes)
0.3% Buying/Selling Raw Land (15 votes)

Where Buyers & Sellers Plan on Buying & Selling

Phoenix 42.9% (1,949 votes)
Tucson 40.8% (1,852 votes)
Flagstaff 9.7% (442 votes)
Prescott 2.8% (129 votes)

Lake Havasu City 1% (45 votes)
Sedona 0.8% (35 votes)
Bullhead City 0.3% (16 votes)
Pima 0.2% (8 votes)
Other Areas 1.5% (69 votes)

When Buyers & Sellers Plan on Buying & Selling

22.2% Q1 (1,009 votes)
40.2% Q2 (1,828 votes)
23.2% Q3 (1,054 votes)
14.4% Q4 (654 votes)

 

Buyers Data

What the Buyers Surveyed Plan on Buying

76% Buying Primary Home (2,228 votes)
14% Buying Second Home (410 votes)
9.5% Buying Investment Property (278 votes)
0.5% Buying Raw Land (15 votes)

Where Buyers are Planning on Buying

Tucson 51.5% (1,508 votes)
Phoenix 28.7% (842 votes)
Flagstaff 12.2% (358 votes)
Prescott 3.7% (108 votes)

Lake Havasu City 1.5% (45 votes)
Sedona 1.2% (35 votes)
Other Areas 1.2% (35 votes)

When the Buyers Surveyed Plan on Buying

23.4% Q1 (686 votes)
44.2% Q2 (1,295 votes)
18.3% Q3 (538 votes)
14.1% Q4 (412 votes)

 

Sellers Data

What the Sellers Surveyed Plan on Selling

46% Selling Primary Home (743 votes)
5.3% Selling Second Home (86 votes)
48.7% Selling Investment Property (785 votes)
0% Selling Raw Land (0 votes)

Where Sellers are Planning on Selling

Phoenix 68.6% (1,107 votes)
Tucson 21.3% (344 votes)
Flagstaff 5.2% (84 votes)
Prescott 1.3% (21 votes)

Bullhead City 1% (16 votes)
Pima 0.5% (8 votes)
Other Areas 2.1% (34 votes)

When the Sellers Surveyed Plan on Selling

20% Q1 (323 votes)
33% Q2 (533 votes)
32% Q3 (516 votes)
15% Q4 (242 votes)

 

Appreciation Data

Expected Appreciation Rates for Arizona
10.1% Average Appreciation based on the following:

Tucson 13.5%
Phoenix 11.1%
Prescott 10.3%
Flagstaff 9.8%

Sedona 9%
Buckeye 8.5%
Lake Havasu City 8.2%

Reasons for 13.5% Expected Appreciation in Tucson

  • High Paying Jobs: Tucson has a large and growing number of biotech and high tech jobs - 26,500 jobs added in 2007.

  • Affordable Housing: attracting California immigrants.

  • Population Growth: Tucson population reached 1 million in November 2006 and is expected to increase 25,000 to 30,000 a year up until the 2 million mark.

  • Downtown Tucson Revitalization: The Rio Nuevo Project is bringing new attractions, housing, commercial development and restaurants to Downtown Tucson.

  • High End Home Demand: Strong interest from buyers of high-end condos being built in downtown Tucson for $300,000 to $1 million.

Reasons for 11.1% Expected Appreciation in Phoenix

  • Large number of good paying jobs
  • Continued investment of businesses in the area
  • Expected population growth up until 2010

View the 2007 Arizona Real Estate Survey Summary.

 

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Frequently Asked Questions
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How Do Arizona Tax Liens Work?
When an Arizona property owner doesn't pay his or her property taxes, the local county government places a tax lien on the property and then offers the tax lien, in the form of a tax lien certificate, to anyone who wishes to buy it.

In essence, the investor that purchases the tax lien certificate is paying the property taxes owed on the property so that the local county government can continue to function on budget.

When the owner eventually pays his or her property taxes, he or she must also pay a 16% late fee.

Once the property taxes are paid, the local county government will mail the investor, that purchased the tax lien certificate on that property, their initial investment (the property taxes on the property) and 16% interest.

If the property owner does not pay his or her property taxes for three years, the investor that purchased the tax lien certificate on the property has the right to foreclose on the property, have the owner removed and sell the property for a huge profit.

If the property owner does not pay his or her property taxes for five years, the investor that purchased the tax lien certificate on the property can walk into the local county assessor's office and simply have the title of the property transferred to them, have the owner removed and sell the property for a huge profit.

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