The danger for buyers is the appraisers lagging behind these new values and not coming in with appraisals that equal the bid prices since they are still going by older sold data.
The truth of the matter is that home prices in general here had fallen so much that in many areas homes were selling for less than the actual "brick and mortar" cost to build that home. That situation had to change and maybe now we will slowly get values back to where they should have been if you wiped out that period of time when insanity reigned supreme in the real estate world! :-)
If you are considering selling, this is the best time we've had in quite a few years. If you are considering buying, be prepared for a lot of hard work, and be sure to work with a good Realtor!
Best of luck,
Prudential Arizona Properties
The question is whether these prices will hold. Banks are starting the foreclosure process again now that they have reached a settlement with the lawsuit and there are indications that credit standards may loosen. The impact on prices could cancel each other. While more foreclosures will increase inventory, having more people be able to qualify for loans may increase demand.
If you are inquiring specifically about where you live in Clarkdale, you should contact a realtor who works full time in your city. Most Realtors are happy to provide a free market analysis of your property. If you would like to complete the information at the link below on your property, I would be happy to help you find a competent realtor to help you determine what your property is worth.
Any price rises are due to lack of inventory, which is directly due to lack of REO inventory. Keep in mind that we are expecting an influx of REO homes in the next 6-9 months which may negatively impact pricing levels. Many lenders have put the breaks on foreclosures for the next 3-6 months due to the recent DOJ settlement.
Which area are you talking about? Prices are up by double digit appreciation, up to 33% in outlying areas. Please visit my website and check out the blog tab for more information. I will be happy to share the recent stats from this week with you privately.