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Real Estate Category
Yes, yes, yes I know interest rates have gone up, yessssss prices have gone up too and yes again inventory is low and the pickins may be slim. So just because the rabbit in Alice and Wonderland said “I’m late, I’m late” does not mean you’re too late to buy a home in Fountain Hills. As a matter of fact it is still Read the rest of this entry »
Fountain Hills second quarter sales activity once again came in strong. Our residential inventory has decreased to 242 units, its lowest level in over 5 years. Home prices are going up but currently we have no way of telling how high prices will go or how sustainable the prices will be.
The demographics of the buyers are diversified. Many are from out of state as well as international visitors that discovered our Read the rest of this entry »
Home prices in the Phoenix area have been increasing for the past two years, 22.5% in the last year alone giving back some of the home equity that was lost during the past several years. Some homeowners are even experiencing positive equity, but even with the market turn-around many Phoenix homeowners are still underwater on their homes. Despite Phoenix leading the nation in price increases it also Read the rest of this entry »
Well according to a recent Mortgage Marketplace Survey done by Zillow, many of you may not be as savvy as you think you are. I am not going to quote the percentages of how many of you are not savvy in the various financing areas that the survey covered, but choose instead to briefly enlighten Read the rest of this entry »
Today I thought it would be a great time to talk about interest rates and when is the right time to buy a property. Hand in hand with this comes the topic of the monthly cost of renting vs. owning. I was going to use some charts and graphs that came to my attention just recently to aid me with this post, but I’m afraid they were just too big for me to reduce down, and if I had, you would need a magnifying glass to read them.
In their stead I’m going to provide you with some of the highlights of those charts. Should you want to see the actual charts shoot me an email to azhowardharris@gmail and I will get them off to you. In the meantime here are the facts that were represented.
- In 2012 through the first quarter of 2013 Mortgage interest rates were the lowest since 1993.
- In charting the interest rates for the last 200 years it is easy to see that constant fluctuations over the course of years clearly evidences that rates are bound to increase.
- Median home prices have gone up approximately 3.5 times in 32 years
- Because rates are near historic lows, the payment for an average home is about the same as 30 years ago (Freddie Mac)
- Average rent is up 4 times in 32 years (Zillow).
There was also some compelling information that compared1981 to 2013
|Median Home Price||$69,600||$246,800|
|Monthly Payment||$967 P&I||$1,115 P&I|
At the end of all of the charts was this quote from Warren Buffet. “ I would buy a home and finance it with a 30 year mortgage, it’s a terrific deal”. Now I don’t know how you feel about Mr. Buffet, but he does seem to know what he is doing when it comes to making some good, sound financial decisions.
In conclusion, if any of this information begins to make you think that now just may be the time to move forward on that thought you had to buy your first home or perhaps sell your existing home give me a call (480 586 0339). I would love to talk with you at a time that is convenient for you. Obviously there will be no obligation on your part, I am available at any time.
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