Thursday, March 28, 2013

Fountain Hills Home Buyers Challenged by Changing Market

Arizona first-time home buyers face some tough questions in today's real estate market. Should you buy a home now, before home prices escalate further? Should you wait and see if home inventory improves and prices level off?

The New York times weighed in on this with a recent article, illustrating that housing recovery has been strongest in western "sunbelt states" such as Arizona, Nevada and California.

Phoenix, for example, has seen a 23% increase in median home prices from a year ago. While this has delighted homeowners who are anxious to recover equity, it has taken some home buyers by surprise!

Why are homes in the metro Phoenix-Scottsdale area seeing double-digit price gains, while most states are seeing a much slower recovery? Simply put, our home buyers are a blend of retirees, real estate investors, first-time home buyers and international buyers. We also have Fortune 500 companies in the area that are attracting relocation buyers.

This diversity of demand gives us a larger pool of buyers who keep the market moving. It also keeps the pressure on Fountain Hills home buyers!

In fact, those to put off their home buying decision could find it backfiring. The combination of rising home prices, along with increases in mortgage interest rates, could affect a buyer's ability to qualify for a mortgage. Most real estate analysts believe that home prices will continue to increase through 2013. Mortgage interest rates are expected to rise by one-quarter to one-half percent in the upcoming months.

The good news is, you can still buy a Fountain Hills home at a reasonable price today and take advantage of the low mortgage interest rates that are available! As your Accredited Buyer Representative, I will work to protect your interests, and negotiate the best possible home price for you. I can also help you handle multiple offer situations and counsel you on fair market value.

Ready to learn more? Let me be your guide to the Fountain Hills real estate market! I have helped Arizona home buyers for over 30 years, and I'd like to help you too! I will provide you with expert, professional representation throughout the home buying process!

Wednesday, March 13, 2013

Fountain Hills Home Prices Showing Gains

It isn't your imagination! Home prices are climbing in Fountain Hills, AZ!

2013 is off to a good start for much of the Arizona housing market. Here is a look at the latest trends!

According to Trulia, the median sales price for homes in Fountain Hills from December 2012 to February 2013 was $297,444.

This is an increase of 31.3% compared to the same period one year ago, or a gain of $70,944 in market value.

Shrinking home inventory is influencing the price trend. The actual number of home sales are down by 21.3%.

Another positive factor is the reduction of foreclosures on the market. Out of the 523 homes listed for sale, 179 of those are in some stage of foreclosure. This is still a higher ratio of distressed inventory than historical norms, but we have seen consistent reduction in distressed inventories.

It's an excellent sign that we are seeing more equity sales in the market. As home sellers recover equity, they are empowered to sell, and this is freeing up some of the pressure on home inventory. We are seeing high-quality homes come to market in the mid-to-upper price ranges. At the end of February 2013, the average listing price in Fountain Hills was $601,813.

In other areas of Arizona, home inventories remain a bit higher. Tucson in particular has more homes on the market today than at this same point last year. This is holding their market back from enjoying the level of price gains we are seeing in Fountain Hills.

Please remember that home price trends will vary one neighborhood to another, depending on recent comparable sales and the presence of any distressed homes. If you are interested in obtaining the current market value of your home, I would be happy to help you!

If you are thinking about selling your Fountain Hills home, my 30+ years of experience in Fountain Hills real estate will be your advantage! I will provide you with a complete home sale consultation to help you price your home correctly, and net top dollar from the sale.

Why wait? Contact me today for expert assistance!