Oct 12/12 Weekly Phoenix Real Estate Update
Limited supply pushes Arizona home prices up
The latest numbers on home prices and home sales in Arizona suggest that more people are jumping into the market. In the Phoenix metro area, the median price of single-family homes hit $150,000 in August – up 33.7% from a year earlier, according to a report by ASU’s W.P. Carey School of Business. Meanwhile, sales of new homes were up 55% and resales that didn’t involve investor flips, short sales or foreclosures were up 81% from August 2011. The overall supply of Phoenix homes in August was down 28% from August 2011. The lack of supply results from fewer foreclosures and the small number of homeowners willing to sell caused by many waiting for prices to rise.
Read article – KTAR
How to spot hidden problems in older homes
Water is the number one cause of damage in all homes, especially older ones. Look for missing or damaged roof shingles, rotted or loose trim boards, and disconnected or plugged-up gutters and downspouts. Problems with gutters and downspouts are the biggest cause of water damage – they must be cleaned and checked regularly. Check the grade at the perimeter of the house – settling near the foundation may indicate water in the basement. Any home over 40 years old is a likely candidate for having an outdated electrical system. Check the electrical panel for the amperage rating – modern homes require at least 100 amps and many require much more. Older homes may have “fuse boxes” rated for 60 amps or less.
Read article – Yahoo!
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Mary Maxie, Associate Broker, Prudential Arizona Properties
Frequent updates at my blog www.marymaxie.com