Arizona Ranked No 1 for Value Gains

Dated: 03/13/2013

Views: 13500

Finally, Arizona Real Estate Market is achieving recognition for the gaining home prices! In a recent article “As Asking Home Prices Keep Rising, Inventory No Longer In Free Fall”, Chief Economist Jed Kolko says Arizona’s property value gains are roughly 25%  compared to a year ago. 

Inventory and prices affect each other in three ways:

  1. Less inventory leads to higher prices. That’s because buyers are competing for a limited number of for-sale homes.
  2. Higher prices lead to less inventory – at least in the short term. Everyone wants to buy at the bottom; no one wants to sell at the bottom. When prices start to rise, buyers get impatient while many would-be sellers want to hold out in the hopes of selling later at a higher price.
  3. Higher prices lead to more inventory – in the long term. As prices keep rising, more homeowners decide it’s worthwhile to sell, especially those who get back above water, which adds to inventory. Also, builders take rising prices as a cue to rev up construction activity, which also adds to inventory.

This is great news for Sellers contemplating on selling their current home or those homeowners who waited out the value decline and opted NOT to short sell or foreclose.  Arizona continues to be a destination where families want to move and with mortgage rates still at an all time low, WHY NOT!

If you are considering on selling your home, contact us for a FREE market analysis: 480.518.0286 or josh@TheAsanovichTeam.com

 

Blog author image

Richard Ashby

Ric Ashby is the Designated Broker and founder of Ashby Realty Group, LLC. Prior to forming the Ashby Realty Group, Ric was the top sales person for the third largest Real Estate company in Arizona (....

Latest Blog Posts

UPSIZING YOUR HOME

UPSIZING YOUR HOMEUnfortunately, our homes don't always grow with us.  What may have initially worked fine for a single person, a young couple's starter home, or a family with a newborn can

Read More

New Listing 3613 W SOUSA CT Anthem AZ 85086

Wow.. You be amazed at how cleaned this home is.. It is move in ready! Pride of ownership really shows here!! Custom Wood Shutters and tile throughout the home. Split Master bedroom with huge walk

Read More

Why You Need A Pro In Your Corner

With home prices on the rise and buyer demand strong, some sellers may be tempted to try and sell their homes on their own (FSBO) without using the services of a real estate professional.Real estate

Read More

Some Quick Links That Could Help You Find A Great Deal In The Surrounding Phoenix Market

Down below are some "Quick Links" that show you specific lists of potential "Propertunities" In Phoenix AZ. If you're looking for a great deal on a home or investment property in the

Read More