Phoenix Arizona Area Homes
Phoenix Arizona Area Homes Sales Prices are predicted to rise 10% according to a recent article from “Realty Times”.
The saying, “as goes California” market prediction is showing up in a new forecast that predicts home prices nationwide will improve by 3.1 percent, while the Golden State will lead the way with gains of up to 13 percent. “Veros Real Estate Solutions’ real estate market forecast “VeroFORECAST,” says for the next 12 months, ending in June 1, 2014, San Francisco’s break away housing market will yield a home price boom of 12.7 percent.” Closely on the heels of the City By The Bay, the Los Angeles-Long Beach-Santa Ana, CA region will see home prices rise by 11.6 percent; followed by Silicon Valley-San Jose-Sunnyvale-Santa Clara, CA, 11.1 percent; Midland, TX, 11.1 percent and Phoenix-Mesa-Scottsdale, AZ, 10.9 percent. Homebuyers are sweating bullets in San Francisco, where the supply of homes is down nearly 80 percent from its peak in 2008. Always an expensive housing market, Don’t-Call-Me-Frisco does offer housing affordability at 2004 levels, according to Veros. Along with relatively low unemployment, similar factors play out in the Los Angeles area and especially Silicon Valley (San Jose metro), where home prices have already surpassed peak prices of the last boom. Trouble towns Vero’s forecast also reports the Northeast continues to struggle, albeit less so. Higher unemployment rates and pockets of population decline are keeping some Northeast markets from gaining ground on the home price front. Still struggling at the bottom of the heap are, Poughkeepsie-Newburgh-Middletown, NY, where prices are expected to fall 2.9 percent over the next 12 months, followed by Kingston, NY, down 2.1 percent; Norwich-New London, CT, down 1.9 percent; Bridgeport-Stamford-Norwalk, CT, down 1.8 percent and Atlantic City, NJ, where Tropical Storm Sandy is still evident, down 1.6 percent. “Vero’s latest quarterly forecast says 90 percent of U.S. markets are expected to see home price appreciation, with the remainder still experiencing price declines.” That’s an improvement over the last quarter’s forecast for a 75-25 percent split in appreciation or depreciation. “We have been consistent in our position over the past year that the recovery will be lengthy and gradual, which it has been, while many were talking about a ‘shadow inventory’ pulling the housing market back down and creating another recession,” said Eric P. Fox, vice president of statistical and economic modeling for Veros. Fox added, “Now we are finally over the hump with appreciation being the forecast norm. That is to say, we are seeing the first signs a year or two from now that the rapid increase of prices will slow a bit in many parts of the country. However, we don’t foresee drastic slowing – simply some moderation.” To view the original article, click here: http://realtytimes.com/rtpages/20130703_homepricesrise.htm
What does this indicate for the North Scottsdale, Cave Creek, Carefree, Rio Verde Foothills Home and Land Market?
A common misconception that homeowner’s have is that this an across the board prediction of prices and will impact all homes in North Scottsdale, Cave Creek, Carefree, Rio Verde Foothills Arizona. True, True, False. When analyzing the overall results of increasing home prices in home markets like North Scottsdale, Cave Creek, Carefree, Rio Verde Foothills, one must break the overall picture into bite size chunks such as; price, square footage, inventory and buyer demand in a given price range. When we look at demand in specific zip codes encompassing North Scottsdale, North Phoenix, Cave Creek, Carefree such as 85085, 85331, 85262, 85377, 85266, we see each area has a different demand. Simple economics dictate that supply/demand curve determines price. The charts below reflect this.
For example, in zip code 85366, the bulk of the homes sold were in the $300,000 to $500,000, while in zip code 85377, the bulk of the sold homes were under $300,000 and over $900,000. Applying the supply and demand curve to this will show us that the greatest appreciation will occur in the specific price ranges that have the most demand while homes not in those high demand price ranges will have less price increases in value. For More Information about specific markets in North Scottsdale, Cave Creek, Carefree, Rio Verde Foothills call an expert…..and I know just the person.. and for more information see these valuable links to specific information about zip codes; 85262, 85085, 85377, 85266, 85331. 85085, Phoenix Home Sales Information 85262, North Scottsdale, Rio Verde Foothills Home Sales Information 85266, North Scottsdale Home Sales Information 85331, Cave Creek Home Sales Information 85377, Carefree Home Sales Information
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By: Jeff McDowell