The Phoenix housing market has experienced both highs and lows when it comes to market prices. There was a time, prior to the housing crisis when many residents of Arizona felt the dream of homeownership was well beyond their reach. With stricter loan requirements and most banks requiring a sizeable down payment, the thought of owning a home is one that seemed unattainable. According to The National Association of Home Builders, despite rising prices, home ownership remains in reach for the majority of Americans.
Numbers released this month from the Wells Fargo Housing Opportunity Index, report a 73.7 percent of new and existing homes sold between January and March of this year, 2013,were within the affordable range for homeowners earning a median income of 64,000. These numbers reflect a slightly lower standard than reported 74.9 percent of homes that were sold to the same demographic at the end of 2012. While Arizona has seen housing prices increase and current home equity grow in the past year, the number of homes available have seen quick turnover, especially for those homes under $175,000.Specifically in the Phoenix market, during the same time period from 2012 to 2013, 73.7 percent of new and existing homes were seen as affordable to buyers with an average income of $62,200 per year. This is great news for those feeling they had missed the opportunity to own their own home.
One hurdle some potential homebuyers have encountered are the reduced numbers and quick turnaround times that homes are remaining on the market. There have been instances where realtors have seen more than 10 bids on the same property in a short time. For those looking to find the home of their dreams, having a realtor with experience and focus is clearly an asset. I have helped many families find and purchase the home they had pictured and can help your family do the same.