During the great recession, property values were crushingly low and many Arizona residents likely hesitated to get into the real estate market. Without knowing how long the recession would last, it may have seemed foolish to purchase a home or invest in real estate. However, recent reports are showing that the real estate market is recovering as the values of Phoenix homes are increasing.
For the first time in seven years, the values of Phoenix homes and businesses increased by double-digit percentages. Some are saying this points to an overall recovery of the real estate market. Properties of all classifications, including single-family homes, apartments and commercial properties, displayed an increase in value this year. The values of commercial properties increased for the first time since 2009, according to reports.
With the apparent recovery of the Phoenix real estate market, many may be considering investing in or purchasing an Arizona home. Unfortunately, there are a number of potential problems that buyers and investors may encounter. A real estate transaction can be very complicated, which is why it is important to be aware of the many legal nuances involved.
Thankfully, there are steps a person can take to ensure their legal rights are protected in a real estate transaction. By being aware of the potential legal consequences of each action, it is possible to make careful and informed decisions when becoming a homeowner. Becoming a property owner can be an exciting time in a person’s life. By making sure that a person’s rights are protected, and every decision made is legally sound, this transition can be made seamlessly and potentially without negative consequences.
Source: Arizone Republic, “Increasing property values in Phoenix area point to recovery,” Michelle Ye Hee Lee, Mar. 2, 2014