A new report by real estate researchers at Arizona State University says the median home price in metro Phoenix during November increased by 35 percent when compared to the same period a year before.
The report by the university’s W.P. Carey School of Business says the median price for a single family home stood at $162,500 in November. The price was $120,000 in November 2011.
The researchers say the rising figures mean that investors are finding fewer bargains to snap up. They say cash offers are on a downward trend and that more ordinary buyers are able to successfully compete for homes.
According to the report, the supply of townhomes and condominiums in metro Phoenix also is rising by almost 43 percent.
Masterrogue666 posted at 8:51 pm on Fri, Jan 11, 2013.
FINALLY! The value of one of the homes I'm renting when up in value enough so that I could get a refinance loan. Because it's a rental (I refuse to sell it, and lose my shirt), different rules apply for giving loans on "speculative" property.
Due to my credit rating, I was able to get a fantastic rate! With the new loan, not only was I able to shave 5 years off the term, but because the rates are so much lower than before, my monthly payment is about two-thirds of my prior amount, even with the shorter term! Now I'll be able to pay it off even sooner.
Masterrogue666 posted at 8:51 pm on Fri, Jan 11, 2013.
AND
The tenents for both of my rental locations each signed new leases. One tenent wanted a two year term. I jumped on that because now I have less than 24 payments to make on that property before it's paid off.
OBAMA didn't help me ONE BIT with any of this! It's my credit record, and hard work that made it possible, not anything that he did that directly helped me.
The pressure's finally been lifted because with what I make, I can handle two of our three mortage payments (not including any rental income). I'm one happy camper!