November 2015 MLS Market Report for Phoenix
Home equity returns in a big way, nearly a million U.S. homeowners came up from underwater on their home loans in the third quarter of 2015, finally owing less than their home is worth. The nation's overall negative home equity rate fell to 13.4% of homeowners with a mortgage, down a full percentage point from the second quarter, and up 16.9% from a year ago, according to Zillow, the Seattle-based real estate firm. Historically, the typical negative equity rate is lower than 5%. The supply of homes for sale is very tight nationwide, but it is especially tight at the entry level.
The real estate market remains pretty much unchanged in Phoenix and the West Valley since last month. Home buying and selling still continued to be unexpectedly busy during what is normally our "off season." Interest rates are still low, but for how much longer is the big question. Inventory is still low and the number of Active listings is down 11.7% from last November, however Pending Listings is up by almost that same percentage, 11.4% from last year. In the popular price ranges heavy competition still remains.
Sellers should take advantage of this time before rates increase. Sellers should continue to remain realistic about pricing their home. If your home isn't selling, it probably is overpriced.
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