In the last couple years we have seen price increases anywhere from 20-40% on most homes in the valley, and unfortunately an increase in interest rates. Fountain Hills homes saw an appreciation of 16% in 2013.
At the beginning of 2013 “industry experts” predicted interest rates would continue to increase. Yesterday , the news broke that interest rates were actually moving DOWN and approaching 4% which many thought would never happen again. Just last month we saw interest rates at 4.67 % according to Bankrate.
When interest rates rise, home values historically flatten out or decrease. When you have higher interest rates, you have higher mortgage rates which in turns puts downward pressure on home prices. Sellers and buyers should both be paying attention to this current trend. For sellers this is good news as we could see more buyers entering the market, which would create more opportunity to get top dollar for your home. For buyers, or anyone looking to refinance, lower interest rates are always good news.
If you are thinking of buying, selling or refinancing your Fountain Hills home, NOW is the time to do it! Interest rates will not stay this long forever, so take advantage of the opportunity today!
Feel free to contact me with any questions/comments.
Below are a few available homes for sale in Fountain Hills