This has been a question on every Fountain Hills real estate agent’s mind these past couple years. Where exactly is the market going? Most reports say that the market is steadily increasing from the drop off a couple years ago. Although there are still challenges to face in the future, the market is climbing back to where it once was.
One area that has shown some positive turn-around is the new home market. While many people move into already built and already lived-in homes, it seems that buying new is on the rise, expected to increase over 15% and approximately selling over 100,000 more new homes from last year.
With people in crisis over their job security, it is predicted that single-family rentals will rise this year, but when people start to go back to work, this trend is reported to cool off. With so many people renting, however, rent prices will be sky rocketing, once again sending people back to owning a home.
Homes will be worth more. While a seller is putting their home on the market, many are questioning why their home isn’t worth what it once was. Although the government has not made a permanent ruling on how to handle the overwhelming debt, reports say once they reach a conclusion, home appreciation will go back up. Soon, the prices should be leveling back out and your home will be valued at what you once paid for it, if not more.
While foreclosures were once on the rise from homeowners not being able to keep up with their mortgage, the market is showing that people are steadily getting back on track with all their finances. For the people that still can’t land comfortably on their feet, once they see other houses similar to theirs rising in price, they will likely sell their homes voluntarily.
Overall, the latest numbers show that the housing market is on the rise again and will be back on top in the next few years.
If you have any questions or are interested in Fountain Hills real estate, feel free to contact me! I look forward to hearing from you!