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!