Market Conditions for Phoenix Metro. – As many of you have come to realize the Phoenix Metro market is again flourishing. Inventory has been consumed by the many buyers and investors. With high demand and limited supply easy economics tells you pricing increases will soon follow. On aggregate values across the “Valley” have seen increases in the 20 to 30% over the same time in 2012. This is predicted to continue despite a recent increase in mortgage interest rates, which were hovering at record lows.
The appraisal industry which had seen dismal volume over a course of two to three years (2009 to mid 2012) began taking off again by mid 2012 and has been staying busy since. Appraisers across the state are pressured only by the pure volume of business which needs to be handled by a dimished number of available appraisers across the state due to a prior down tick in business after the refi boom. Great times for appraisers, if you can handle the work load and crazy hours associated with the upswing!
Angie Johnson, REALTOR® says the Phoenix Metro housing upswing doesn’t look to be slowing any time in the near future. Although the month of June brought the highest ever Mortgage Rate Increase
in Phoenix Metro Mortgage rates history, let’s keep this in perspective. Considering we have been lucky enough to see “the lowest mortgage rates in history,” over the last few years, the recent increase isn’t all bad. Phoenix continues to lead the nation out of the housing crisis with increased property values.
Sun Point Appraisals, Inc., which serves the Phoenix Metro has been keeping very busy. Although Sun Point Appraisasals, Inc. covers all of Arizona the Market Conditions for Phoenix Metro are such that we continue to grow in appraisal volume each month since June of 2012.
Keep posted for follow up blogs as we analyze other Arizona market conditions.