Spring 2017 Greater Phoenix - Home Price Update  |
| Friends and Clients,
If you are looking to sell your home; there have been three recent developments making this spring a unique moment to do so quickly and at a top price.
First, mortgage rates have stabilized. - From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December. However, rates have stabilized over the past few months, and despite the increase, they are still near historical lows. Lower mortgage rates allow you to afford a more luxurious home.
Second, jobs are up. - The U.S. Bureau of Labor Statistics reports 235,000 new jobs in February and 2.3 million over the past year. This reflects continuing growth in consumer and business confidence over recent months.
Third, housing inventory is at a record low. - February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.
So what do these three developments mean for you?
First, if you’re looking to sell your house, that means you will be able to do so quickly: Demand for homes is strong and will continue to get even stronger due to the growth in jobs and the low and stable mortgage rates. The statistics bear this out: homes sold within an average 68 days this February compared to 75 days in February 2016.
Second, it means you can expect to sell your home at a top price: Because of strong demand and low inventory, prices continue to increase. On a national level, home prices rose 6% year-over-year in February.
Whether you’re selling or buying this spring, call me 602-413-8195. I’m here to help, and I can give you more detailed information about the situation on the ground. Have a great day
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| Monique Walker
RE/MAX Excalibur
Realtor
Phoenix, AZ
Mobile: (602) 413-8195
Monique@MoniqueSells.com |
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Monique Walker
8510 E Shea Blvd #100
Scottsdale, Arizona 85260
US
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