Valley Home Prices down 2.7% from a year ago
Hello -
Www.azcentral.com reports today that Phoenix Metro home prices are down 2.7% from where they were 1 year ago. This may surprise many residents, since there has been a glutton of "Doom-and-gloom" real estate reports as of late. The bulk of news coverage has been on the mortgage industry and homes losing value; what we need to keep in perspective is that in 2005, Phoenix led the nation in home appreciation - at a whopping 55%! While there are still a lot of homes on the market, we have fared far better than the bulk of the nation in this housing dip. If you purchased your home prior to 2005, you are still way, WAY ahead of the curve regarding appreciation averages.
How does this translate into our real estate market? If you don't have to sell your home RIGHT NOW, you may want to wait a few more months. There is still an abundance of homes investors are trying to move, and they are discounting deeply to ensure those homes sell and close. If your situation requires you to sell now, be realistic in your listing price (remember - there's a lot of competition out there!) and make your home shine - you need to make it memorable and as appealing to the masses as possible!
As a buyer, there are so many great values available out there - it is, indeed, a "Buyer's Market". The fed reduced rates, and although getting a mortgage may be a *little* more difficult than a year ago, it is still a very streamlined process.
For investors, we are at the ideal time to "Buy Low, Sell High" - every investor's ideal! With a lot of inventory, you can pick-and-choose and seek out the best values for your real estate portfolio.
Please contact us with any questions, or to schedule an appointment to discuss your real estate situation! To read www.AZCentral.com's full article, please click HERE.
Sharon Kotula, ABR
Adam Tarr, e-PRO
Your Phoenix Area Real Estate Source
RE/MAX Excalibur
Scottsdale, AZ
480-483-3333