A Look at Home Prices In AZ

A Look at Home Prices In AZ

Home prices have been on the rise in Arizona as of late, and if you're an AZ homeowner that's good news. On the other hand, if you're looking to purchase a home this can be frustrating. The import part is understanding Home Prices in AZ.

Home price appreciation is the increase in the value of a home over time. Home price appreciation is conveyed as an annual percentage rate. The formula for calculating it is [(Current Home Price – Original Home Price) ÷ Original Home Price] X 100, which would give you how much your house increased in value from when you first purchased it.

And as an AZ seller, you know rising home prices are good news for your potential sale. Every homeowner wants to sell their home for the best price possible.

Home prices in AZ and appreciation is a hot topic in the media and among consumers. In fact, some people are afraid of becoming homeowners because they're worried about how much prices have increased. However, home prices have been on the rise for decades and it's important to understand why prices increase as well as what you can do to stay on top of your mortgage payments.

With home prices skyrocketing, it's important to understand how appreciation works and why it should matter to you.

Home prices are on the rise and that means a big difference in the price of homes between now and a few years ago, but why is this important? If you're buying a house, the yearly appreciation could change your budget considerably.

The definition of home appreciation is:

When you buy a property and live in it, the price of the home tends to increase over time. The rate of which it increases is called appreciation.

When we think about the basics of supply and demand in real estate, "supply" refers to the number of homes for sale, while "demand" refers to how many people are looking for a home.

This is the principle that there will always be a higher demand for property than the supply, which can cause prices to rise in areas where there is more demand.

We are living in a seller’s market, where there are very few homes for sale and a lot of people looking for homes to buy. This means the opportunity to sell your home at a premium is higher, so it’s important you take every step possible to make it amazing.

Traffic in homes for sale chart

In every industry, anytime there’s more demand than there is supply, prices will naturally rise. It happens because concerned buyers are willing to pay more to secure the scarce product or service they’re trying to find. That's what's happening with today's real estate! It means that buyers are competing against each other, driving up prices and making sellers really happy. The higher prices also mean that buyers need to act now to get the property they want.

In Arizona Home prices have been steadily increasing over the last few years. This is not surprising as more and more people are looking for home ownership in an effort to avoid stiffer rental costs. Many people believe that this increase in housing prices is a sign that the economy is doing well.

Home prices are expected to continue to increase. This is because there is a huge demand for housing right now, which has caused home prices to rise dramatically and maintain their high growth rate.

Price chart

This significant increase in the average forecast of appreciation rates comes as a result of the substantial drop in mortgage rates and the corresponding rise in demand for homes.

With the current rise in housing prices, houses are worth more than ever. As such, if you're looking to sell your house, now may be a great time to do it.

Price appreciation is a term used in personal finance and real estate that refers to the increase in value of an asset over time. In the context of real estate, the price appreciation of a property is evaluated using market values such as the cost of buying and selling homes. If you have equity, it means you owe less on your mortgage than your house is worth.


home appreciation chart and forecast chart

If you’re looking to turn your equity into a reality, then you need to talk with a broker. A broker can help you find the best investment opportunity for your intentions and lifestyle as well as provide guidance for maximizing the return on your investment.

Scott Schulte is a real estate agent located in Arizona. With nearly two decades of experience, he knows the ins-and-outs of the business. He can help you find and buy your next home almost anywhere in Arizona.

Try not to wait too long. While the price is climbing fast right now, those same experts say it'll start to climb at a more normalized pace next year.

If you’re thinking about listing your home, now might be the time. Home prices are surging faster than they have in years. The median U.S. home price reached $292,600 in March—a 7% increase from a year ago and the largest year-over-year gain since 2004, according to the National Association of Realtors.

Bottom Line

With house prices going up, why not get in touch so we can talk about the benefits of selling right now? Not only will you find out more about what your home is worth but you’ll also learn our best advice for getting an offer quickly.