Finally some good news for the Phoenix market! The Phoenix metro area is showing signs of the real estate market improving. If you look at Realtor.com, the proof is there. KPHO Channel 5 did a story on this. They reported that the sale price for a home in the Phoenix and Mesa area in October 2011 was $157,675. That’s more than five percent higher than it was in September 2011. Now the average list price for a home in the valley is $189,900.
The number of homes on the market now has also dropped. The number of active listings is basically down 48% since October of 2010. That says a lot about our economy and the housing market is showing signs of recovery.
Homes are now selling much faster than they did one year ago. A typical home stays on the market for about 62 days. Now just might be the right time for you to think about getting the house you’ve always wanted, whether it be moving up for some much needed space or downsizing due to being an empty nester. Maybe you just need a change and selling your home might be just what the doctor ordered.
Affordability is optimal with interest rates below 4% for a 30 year fixed mortgage. Five years ago, the average rate was 5.375%, today there are hovering around 4%. The saving experienced is twofold with the decline in housing over 5 years ago along with the drop in rate. Using the example above for a $157,000 sales price, that savings when purchasing at the lower interest rate is $130 a month in interest savings!!
Other interesting news for the Phoenix area is that we are the sixth most-searched market in the country on Realtor.com. Overall things really do seem to be looking up. It’s definitely something to be thankful for this Thanksgiving Holiday.
For more information regarding the housing market and the opportunities available, please call us today at 480-821-5700