We’ve been waiting after a slow 2014 for our market to heat up and it’s here!
The above video is a short summary of the current market conditions we are experiencing locally, data provided by the Cromford Report; our local experts of Real Estate market data analysis.
We’ve been seeing homes that are priced right selling immediately with multiple offers and certain price ranges are definitely more competitive than others. IF a home is in the FHA price range (280k and below), if it shows nice and priced well, don’t expect it to be on the market but a few days right now…
We saw a 35.2% increase in sales volume overall in the Valley from just last month alone?!?!
Many more homes are pending, but the good news is that with an increase in price/demand- we are seeing more Sellers listing their homes and the rate of new listings has ticked up a tad.
It’s quite natural, per Mike Orr of the Cromford report, for news of a stronger market to bring out some more sellers. If this continues it will help keep the market from getting too frenzied…
We saw the FRENZY in 2012 when plenty of Buyers just gave up trying to compete for a home- the difference today is that it’s not the Investors that Buyers are competing against but rather other people who are moving up/down, relocating to Sunny Arizona, or that have been renting like the “Millennial” and “Boomerang” Buyers- GOOD thing too as the RATES are still VERY LOW.
We are being warned however if this pace continues, prices and rates both may raise which will effect drastically the size home someone will qualify for – so moral to this story – if you’ve been waiting to either Buy or Sell- now is the time while our market is SIZZLING!
Please call us at 480-243-4242 and we are happy to help you with your Real Estate needs!
