Phoenix Home Prices Are On The Rise

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Peoples Home Equity informs readers that Phoenix, Arizona real estate is on the rise. The lender also discusses why it’s critical to get pre-approved for a home loan when shopping for a home in Phoenix.

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The latest index reading from August 2013 was 141.47 which means Phoenix home prices are still -37.73% below their July 2006 peak at 227.42.

Phoenix real estate is rising and Peoples Home Equity finds that the recent annual increase is no joke. According to a CoreLogic’s November 5th, Home Price Index Report, the Phoenix-Mesa-Glandale area experienced a 16.41% rise in home values from September 2012 to September 2013. The report also mentioned that Arizona was the 3rd fastest growing state, behind Nevada and California, during this time period. In fact, things are doing so well in Phoenix that some worry a bubble may be forming in the area. Peoples Home Equity does not see this occurring as according to the S&P/Case-Shiller Phoenix Home Price Index points out. The latest index reading from August 2013 was 141.47 which means Phoenix home prices are still -37.73% below their July 2006 peak at 227.42. Many home buyers understand the current discount that Phoenix is selling at which is why everyone is scrambling to obtain a property.

Make no mistake things are actually improving in the Phoenix metropolitan area to support a recent rise in property values. Phoenix unemployment used to be at 12.1%, and it’s now at 7.0%, which is better than both the national average of 7.3% and the state average of 8.0%.

Investors and first-time home buyers alike are being attracted to the area due to its value and warm climate. Due to the attractiveness of the area, Phoenix homes are seeing a lack up supply floating. Before, it would take months for a home to sell; this is no longer the case, as observed by Peoples Home Equity’s Phoenix branch. The lender encourages all home buyers in the Phoenix area to apply for a home loan and get pre-approved for a mortgage; in fact many of its loan officers find it critical to obtain credit approval before searching for a home.

The Phoenix real estate market is moving fast, homes are spending half as much time on the market as they did 2 year ago, it’s important to have the ability to act fast for a desired purchase. Home sellers will be much more likely to sell their home at your bid because they know by accepting your pre-approved offer the home is basically sold.

Contact a Phoenix Peoples Home Equity loan representative today at: (480)-759-1500

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