There is an article in the Arizona Republic and azcentral.com today from the Associated Press recognizing Arizona as having the highest appreciation in home values in the nation! Pretty great news for the Arizona Real Estate market.
Prices have risen enough that Home Owners are starting to feel comfortable and confident in the marketplace and beginning to sell their homes again. There has been a huge drop in distressed properties on the market this last quarter of 2012 and beginning of 2013. We are seeing more traditional, equity sales on the market and more buyers bidding on these homes. We still have a shortage of inventory which is continuing to drive prices upwards. Buyers continue to be in the marketplace trying to score a deal while prices are lower than the future projections. Money can still be borrowed very cheaply through any lending institution. FHA Loans are still averaging below 4% interest rate and lenders are loosening their hold on the money making it easier to obtain financing for buyers.
Here are some of the statistics reported by the Associated Press:
Prices have risen enough that Home Owners are starting to feel comfortable and confident in the marketplace and beginning to sell their homes again. There has been a huge drop in distressed properties on the market this last quarter of 2012 and beginning of 2013. We are seeing more traditional, equity sales on the market and more buyers bidding on these homes. We still have a shortage of inventory which is continuing to drive prices upwards. Buyers continue to be in the marketplace trying to score a deal while prices are lower than the future projections. Money can still be borrowed very cheaply through any lending institution. FHA Loans are still averaging below 4% interest rate and lenders are loosening their hold on the money making it easier to obtain financing for buyers.
Here are some of the statistics reported by the Associated Press:
"Home prices rose 8.3 percent in December compared with a year earlier, it said. That is the biggest annual gain since May 2006. Prices rose last year in 46 of 50 states:
- Including distressed sales, the five states with the highest home price appreciation in December were: Arizona 20.2 percent, Nevada 15.3 percent, Idaho 14.6 percent, California 12.6 percent and Hawaii 12.5 percent.
- Including distressed sales only four states posted home price depreciation: Delaware -3.4 percent, Illinois -2.7 percent, New Jersey -0.9 percent and Pennsylvania -0.5 percent.
- Excluding distressed sales, the five states with the highest home price appreciation in December were: Arizona 16.4 percent, Nevada 14.7 percent, California 12.8 percent, Hawaii 11.7 percent and North Dakota 10.8 percent.
- Excluding distressed sales, this month only three states posted home price depreciation: Delaware -1.9 percent, Alabama -1.0 percent and New Jersey -0.5 percent.
Overall home prices also increased 0.4 percent in December from the previous month. That’s a healthy increase given that sales usually slow over the winter months."
Want to speak with a Real Estate Professional today, call (602)748-6136 for your free market evaluation.
Comments
Post a Comment