Despite the lower home sale numbers in most of the Phoenix area, one region of the housing market has actually seen an increase. Real estate transactions for multimillion-dollar mansions are occurring at nearly twice the rate of last year.
While the general Phoenix area has been experiencing a decrease in home sales over the past few years, growth in the Scottsdale region has revived some of those numbers. The ultra-luxury market in Scottsdale has done more than simply keep up in sales this year-it has doubled its pace. In November alone, 20 Valley homes sold for more than $2 million. The priciest house to sell recently was $9.75 million. Since mid-November a home with a $2 million value or more has sold nearly every day. The priciest home for sale in metro Phoenix currently has an asking price of $32 million.
Although most homebuyers cannot afford a mansion, many families will be looking to find new homes in the coming months. Every homebuyer has varying circumstances that may impact the availability or rate of a mortgage loan. Legislation is in place to make sure the criterion assessed by a lender does not unduly discriminate against a potential borrower. Under the federal Fair Housing Act, only an applicant’s financial profile can be considered for decisions regarding extending a mortgage. It is unlawful to take into account race, color, national origin, familial status, religion, disability or sex when a lender provides information regarding loans, attempts to impose different loan conditions or refuses to make a mortgage.
Individuals in the market for purchasing a home who feel that they have endured discrimination falling under the Fair Housing Act’s protection may have legal recourse against the lender. Getting the right information during any transfer of property can assist hopeful homeowners in determining whether or not they are entering a fair deal and make sure no illegal discrimination has taken place.
Source: The Republic, “Metro Phoenix’s million-dollar mansions selling fast“, Catherine Reagor, Dec. 29, 2014