Monday, March 10, 2014

Will Fountain Hills home buyers find fewer homes and higher prices?

Real estate trends for the Phoenix-Scottsdale metropolitan area are pointing to higher home demand throughout 2014, according to a recent HousingWire article. At first glance, it would appear that we could expect fewer homes on the market in Fountain Hills as a result.

But like all statistics and news headlines, it pays to look at the details within the facts! Let's break down what's happening and how it may affect Fountain Hills real estate.

First, the good news: home demand is up and likely to remain steady through 2014. Our local economy is adding jobs, and Arizona continues to attract new residents. We also have "boomerang buyers" returning to the housing market, thanks to a forgiving mortgage program by the FHA. We also have investors who continue to absorb distressed properties.

All these elements help support our improving home values, which is great news for Fountain Hills home sellers! Of course, many would-be sellers who postponed placing their homes on the market in recent years may be ready to test the water in 2014. As more home sellers enter the market, the resulting increase in home supply could tame future price increases.

However, the entry-level price ranges, generally including homes priced under $150,000, will continue to face limited inventory. This is where Fountain Hills home buyers will have some challenges. While we have fewer cash buyers in the market today, they are not limiting their investments to distressed properties. As foreclosures and short sales become harder to find, investors are casting their nets wider to secure affordable properties that will appeal to new households.

Will Fountain Hills home buyers find fewer homes on the market in 2014, and face higher prices? As it stands, this is very possible for price ranges below $150,000. This does not mean you won't be able to find an affordable home - but it does mean you should be pre-approved for your mortgage and work with an Accredited Buyer Representative who can help you!

For those of you thinking of selling your Fountain Hills home, now is the time to obtain expert advice and prepare for your opportunities on the market. Get started with my free e-book, "450 Ways to Sell Your Home Faster!"

Buying or selling Fountain Hills real estate? Contact me for your personal real estate consultation!

Tina Nabers
Nabers Property Management & Real Estate

1 comment:

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