Wednesday, July 25, 2012

Home Prices on the Rise Again

In a market that was once on the decline, reports are showing that single family home prices are on the rise again. This means your Fountain Hills home may be worth more than you think. 

Based on reports home sales have declined from May, but have increased from this time last year. These sales are based on transactions that have been completed for single-family homes, co-ops, condominiums, and townhouses. Sales were up this year by 4.5% from May of 2011. 

One reason analysts believe the market is on the rise is due to the record low mortgage rates. Currently the mortgage rate is about 3.7 percent, down from 4.51 percent in June of 2011. As the mortgage rate drops lower and lower perspective home buyers are more likely to purchase a home.

Although rising home prices doesn’t seem like a positive attribute to the Fountain Hills market, it does in fact show that buyers are willing to spend more money. An increase of 7.9 percent from 2011 the average home price is approximately 190,000. This has been the strongest increase in home value since February of 2006 when it rose 8.7 percent.

In addition to home sales, foreclosures and short sales have also shown movement in the market since 2011, down 30 percent from June of 2011. Short sales accounted for 12 percent of June sales and foreclosures accounted for 13 percent.  Analysts predict that the amount distressed properties will continue to drop as more home owners become current with their mortgage payments.

Reports show that the market is back on the rise, and the increase in home prices and decrease in foreclosures and short sales are just a couple aspects that prove this.

If you have any questions regarding the real estate market, feel free to ask. Also, if you or anyone you know is interested in buying or selling Fountain Hills real estate, contact me! I look forward to speaking with you!

Tina Nabers
Nabers Property Management & Real Estate
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