Home values increased slightly in Phoenix
Homeowners selling their property on the MLS listings in Phoenix have some good news – values are going up. According to the most recent S&P/Case-Shiller composite index of 20 metropolitan areas, home values have increased for the first time since April 2011.
According to the index, home prices were up an estimated 3.3 percent in February in Phoenix, reports Fox. This is the highest increase experienced by any metro in the United States in March 2012. However, while sales are increasing, home values are escalating in some metros and the economy is improving overall, it may take years for the housing market to get back to the strength it featured in the early 2000s.
"I worry that we might not see a really major turnaround in our lifetimes," Robert Shiller, S&P/Case-Shiller Index, told Reuters, calling the day's home price data a mixed bag. "We have a big supply of housing after all this building. And you know, it's weighing on us now. And it may take a long time before we see substantial price increases.”
These reduced home rates are actually a positive thing. According to housing experts, affordable prices are allowing first-time homebuyers, expanding families and aging seniors to consider finding more favorable housing conditions. According to DataQuick, there were 7,123 home sales in January 2012 – an increase of .60 percent in the past year.
Sellers wishing to increase interest in their Phoenix home may wish to consider hiring a real estate expert, conducting market research and competitively pricing the property. Utilize every advantage available in order to draw attention to the affordability of the home.
Phoenix is being touted as one of the few metros in the United States showing quarter-over-quarter gains in home values in the first quarter. Therefore, if done right, a homeowner could create a bidding war and raise the home closing price. According to the Wall Street Journal, the traditionally more expensive metros such as those featured on the East and West Coast had a more difficult time maintaining values. While the Midwest and those included in less coastal communities managed to slowly gain value – such as Phoenix.
After competitively pricing your property, put it on the MLS listings in Phoenix to attract attention and watch as the housing market takes off.