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Sales of luxury homes recently spiked in Phoenix

| Jun 4, 2014 | Real Estate Transactions |

The decision to become a homeowner is usually an exciting one. It is often a big step in a person’s life. However, it can also be a source of much stress. People are oftentimes uncertain as to how the process works and the intricacies involved in real estate transactions. With expert guidance, however, much of this stress can be alleviated as legal counsel can help prospective homebuyers identify red flags and ensure that real estate transactions go as smoothly as possible.

It would appear as though many people made the exciting decision to become high-end homebuyers in Phoenix recently. According to reports, 10 luxury estates sold in April, which is seven more than in the same month last year. The homes were priced above $3 million. What’s more, there were 28 houses sold that were priced between $2 million and $3 million. This number is 11 more than that of April 2013. Of the houses priced between $1.5 million and $2 million, there were 28 sold, which amounts to nine higher than April of last year.

One article claims that listings for luxury homes were up in 2014. April of 2013 saw only 2,214 luxury homes for sale, while April 2014 saw 2,900. Though this does not necessarily drive more sales, there was a definite increase in luxury home sales in April 2014. High temperatures in Phoenix may end up slowing sales. Regardless, the article claims that Phoenix’s luxury market has an advantage over other like areas and that is price. The article claims that a luxury house that would sell for at least $6 million in Miami or San Diego would sell for $3 million in Phoenix.

Being aware of certain real estate trends can be helpful when wrestling with the decision to become a homebuyer. When one finally does make the decision to become a homebuyer, it is often prudent to make sure every step along the way is guided by legal expertise.

Source: AZ Central, “Luxury-home sales rose in April, but pace expected to slow,” Catherine Reagor, May 30, 2014

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