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Homes For Sale

Scottsdale Market Improves, Fewer Homeowners Underwater

June 5, 2013 by Carmen Brodeur

The Scottsdale market is continuing on its steady recovery. Across the Phoenix area, a smaller number of homeowners are underwater on their mortgages, and prices of homes are soaring upward. This, of course, includes the prices of Scottsdale homes, which are some of the most popular on the scottsdale market trendsmarket.

Figures from Zillow Inc. show that the negative equity rate in metro Phoenix has fallen to 36 percent during the first quarter. This is a large drop from last year’s rate of more than 50 percent.

When a homeowner owes more money on his or her mortgage than the property is worth, this translates into negative equity. According to Zillow, at the current rate, even more homeowners will recover from negative equity by next year, dropping the rate below 30 percent.

While a decrease in the number of underwater homeowners presents another milestone in the real estate market’s recovery, it has not yet resulted in a larger inventory of homes for sale. Many homeowners in Phoenix have less than 20 percent equity on their homes, leaving them unable to sell.

As the Scottsdale market continues to improve, however, more homeowners will become confident enough to sell their homes. Until then, supply of homes will be limited, prices will continue to go up throughout the year and the competition for prime Scottsdale real estate will be fierce.

Do not miss out on the great deals that remain throughout Scottsdale. Visit our page on Scottsdale Market Trends to track the market’s improvements, and call me at (602) 791-0536 to learn more about Scottsdale homes for sale


Carmen Brodeur JD

Realtor
Trillium Properties, LLC
9825 E Bell Road, Suite 120, Scottsdale AZ 85260
Cell (602) 791-0536
Carmen@TopScottsdaleHomes.com
www.TopScottsdaleHomes.com

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Carmen Brodeur Scottsdale RealtorVoted in the Top 3 Real Estate Agents in Arizona by the readers of Ranking Arizona Magazine, 2015-2023. Her background as an Attorney gives her special expertise with contracts and negotiations. Carmen has a proven track record of success with buyers and sellers in Scottsdale.

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Your Scottsdale Real Estate Connection

Whether you are buying or selling, we are committed to providing you with exceptional service. Put our experience to work for you. Contact Carmen Brodeur today at Carmen@TopScottsdaleHomes.com

Our Office

We are conveniently located in North Scottsdale.

Trillium Properties, LLC
20715 N. Pima Road, Suite 108
Scottsdale AZ 85255
(602) 791-0536
Carmen@TopScottsdaleHomes.com
 
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