We just had the privilege of having Michael Orr, Phoenix real estate Guru from ASU at our Keller Williams office to give us the update on the Phoenix real estate market from the first quarter of 2015.
For the rental market we are still experiencing a shortage of homes with only 27 days of inventory. The number of homes with rents between $1200 and $2000 a month is down 46% from last year with rents increasing 5-8% this past year. The average rent is up to $2082 per month. That same rental payment equates to a monthly mortgage payment on a house valued at $335,000 with the minimum down payment! Here's a list of homes in that price range to compare to your rental home in Phoenix.
Interest rates are still at amazing lows! Contact us at (602) 748-6136 for a lender referral to see if you can qualify with these great low rates!
Our overall real estate market supply is down 20% as well. Our demand is back to normal after a stagnant 2014. We have an overall Seller's market. Now this may vary by neighborhood so let me know if you would like specific information on your area, we are happy to provide those numbers for you. Check our Phoenix area home valuation site too to get your value automatically yourself.
In March 2015, we had 18% more homes sell overall! The market is coming back, people! Especially for homes priced between $150,000 - $400,000. The number of sales increased even in luxury price points (between $800,000 - $1,500,000) in the Phoenix metro area. Keep in mind that the supply under $200,000 is low and getting lower.
Right now we have too many homes on the market over $500,000. There is a strong demand in this price point right now which is helping to keep the market balanced and not go soaring into a buyers market in this price range.
We are projecting a 5-6% price increase in Phoenix home values for the 2nd Quarter of 2015 and balancing out for the slower summer months and then picking back up again in the 4th Quarter. If you've thought of selling and moving up, this is the time to do it! The market is a seller's market now with a more balanced market as you move up which means your house should sell quickly and then you have the luxury of choice in the higher price points as you move up into a home that better suits your needs.
Check your home value for free at www.homevalues-phx.com
Call our team at (602) 748-6136 and the Chelsea Anderson Team for information on the real estate market in your neighborhood and see if now is the time for you to take advantage of the market!
For the rental market we are still experiencing a shortage of homes with only 27 days of inventory. The number of homes with rents between $1200 and $2000 a month is down 46% from last year with rents increasing 5-8% this past year. The average rent is up to $2082 per month. That same rental payment equates to a monthly mortgage payment on a house valued at $335,000 with the minimum down payment! Here's a list of homes in that price range to compare to your rental home in Phoenix.
Interest rates are still at amazing lows! Contact us at (602) 748-6136 for a lender referral to see if you can qualify with these great low rates!
In March 2015, we had 18% more homes sell overall! The market is coming back, people! Especially for homes priced between $150,000 - $400,000. The number of sales increased even in luxury price points (between $800,000 - $1,500,000) in the Phoenix metro area. Keep in mind that the supply under $200,000 is low and getting lower. Right now we have too many homes on the market over $500,000. There is a strong demand in this price point right now which is helping to keep the market balanced and not go soaring into a buyers market in this price range.
We are projecting a 5-6% price increase in Phoenix home values for the 2nd Quarter of 2015 and balancing out for the slower summer months and then picking back up again in the 4th Quarter. If you've thought of selling and moving up, this is the time to do it! The market is a seller's market now with a more balanced market as you move up which means your house should sell quickly and then you have the luxury of choice in the higher price points as you move up into a home that better suits your needs.
Check your home value for free at www.homevalues-phx.com
Call our team at (602) 748-6136 and the Chelsea Anderson Team for information on the real estate market in your neighborhood and see if now is the time for you to take advantage of the market!
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