Phoenix homes continue to see their values rise. From March to April of this year, the median price rise 1.6%. Prices are up 6.2% from this time last year. Nationwide, the jump from April 2014 to April 2015 has been 5.3%. Homes priced at the entry or mid level have seen the biggest jump. Low interest rates also make buying look like a good option to those who have been renting for the last few years.
Another great bit of Phoenix real estate news is that foreclosures have dropped in the last two years. This is also contributing to the increase in the price of Phoenix homes. Experts believe that house prices could continue their upward climb, as more people enter the market before interest rates go up again.
If you have been considering downsizing or moving, now is a great time to sell your house. The number of houses on the market is rather low, so you will get top dollar. The news isn’t all bad for buyers. Though prices are higher than they were a year ago, interest rates are still quite low. This will make mortgage payments more affordable over the long term. In a hot market, you really want a good real estate agent. Please contact my office if you would like to discuss buying or selling. I know this area well and can advise you so you get the best deal.
