Buying and selling homes can be a risky business. Home prices in Phoenix range from the low $200’s to the millions. To guarantee that you get the best price possible, you need to be informed on how the market trends. The MoJo Team – Scottsdale Realtors want you to be knowledgeable when deciding when and how to sell your property. So whether you are flipping houses or have grown out of your first home, do the homework and get the most out of your investment.
The home prices in Phoenix climbed slightly before 2014 ended. Fewer people put their houses on the market and the median home sales price rose 5.5 percent from last November. Taking inflation into account, the Phoenix area housing was relatively flat. Just over 16% of home sales in the area were from investors but that number is still less than half of the sales from 2011-12. Mike Orr, the director of the Center for Real Estate Theory and Practice at the W.P. Carey has this to say about the future of house prices. “The rate of new listings has dropped significantly since April and signals a weakening supply,” he said. “It would not take much of an increase in demand to overwhelm the current level of supply, and if this occurs, we should expect prices to start rising once more.” There were also fewer permits to build new homes, so there will be less competition from that market.
If you had hopes that 2015 is going to break us away from the housing slump, think again. The rebound will take time and we can only go up. “Unfortunately, 2015 won’t be the breakout year we’ve been waiting for,” said Tom Ruff, real estate analyst for the Arizona Regional Multiple Listing Service and The Information Market. “But I do anticipate higher sales volume than 2014. Prices will remain stable with only modest increases.” How can you help? Put your house on the market. ” Tim Sullivan, national real estate analysts with Beverly Hills, Calif.-based Meyers Research, said metro Phoenix must maintain its reputation and status as an affordable housing to thrive. He said the area’s housing market disappointed many in 2014, but the region is still outperforming many other parts of the country.”
Overall, home sales are expected to increase over the next year. This is good news for anyone flipping houses. Existing homes sales are expected to rise 4 percent and 15 percent for multifamily housing.
Now that you know the numbers, let’s see what the home prices in Phoenix and the surrounding area have to offer.
- MLS # 5114466 – Phoenix, 4 bed, 3.5 bath. 11,832 sq ft. lot. $799,000
- MLS # 5160657 – Scottsdale, 4 bed, 4 bath, 5,174 sq ft. lot. $850,000
- MLS # 5177444 –Glendale, 4 bed, 4.5 bath, 1.05 acres, $997,750
- MLS # 5212162 – Paradise Valley, 3 bed, 2 bath, 1 acre, $950,000
After your research of the home prices in Phoenix, go to the people that can complete the sale. The MoJo Team – Scottsdale Realtors have 10+ years of experience and know who matters the most, YOU.