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May 23 2015 11584 1
Dated: May 23 2015
Hi there... Michele here with more about real estate.
Today's (May 23, 2015) topic is the Phoenix West Valley market.
The Phoenix West Valley real estate market is seeing a growth in purchases with a shortage of affordably priced homes. Homes in the $200,000 to $500,000 range are in short supply and selling quickly, often within days at the lower price point.
In March 2015, home sales jumped almost 40% over February, and condominiums over 50%!
Why is there such growth? Current unprecedented GREAT LOW interest rates, fueled by concerns that the rates will increase shortly.
Here's who's buying:
- Millennials (people in their 20s and 30s) who haven't owned before.
- Renters who are seeing their rental rates go up and want to develop equity and get an interest tax break on their Federal taxes. According to Zillow, the median U.S. rent has climbed to $1364, up 4% since April 2014.
- "Boomerang" buyers who previously owned but lost their homes 5 or more years ago.
- People who currently own and need/want to upsize or downsize.
Are you ready to participate in buying Real Estate? Give me a call (480-734-4109) and we can chat about your individual circumstances!
Till next blog!
Michele at MKHomesAZ@gmail.com or firstname.lastname@example.org