Real Estate Tip: What’s with all the ‘for sale’ signs?
Have you noticed those for sale signs popping up in your neighbors’ yards? It’s not just in your neighborhood, this is happening all over Yuma!
You may be asking yourself why everyone is leaving the area. Let me ease your worries and tell you that not everyone is leaving Yuma — in fact, they are more than likely just taking advantage of their home equity! In recent months many homeowners have been surprised by the value of their homes when receiving one of our
free Comparable Market Analyses.
A general rule of real estate is that values always go up over time, but our community has seen value rise faster than usual in the past year. Our economy is up and this means more people are looking into investing into homes and additional properties.
In recent months the Yuma real estate market has changed significantly, so that many buyers are encountering multiple situations when making offers on their dream homes. This trend is happening for a few different reasons.
The biggest factor is rising interest rates. For several decades we have only seen decreasing interest rates. Since the Federal Reserve’s announcement in December 2016 on raising interest rates, most people who had only considered purchasing real estate jumped into action to take advantage of the historic low interest rates, therefor creating more market demand.
Changing demographics have also played a part in rising property values. As millennials and Gen Z grow older, they are beginning to prioritize investments and property ownership more. This has created a new group of motivated home buyers that has made the Yuma real estate market more competitive.
It is safe to say that we are entering into a seller’s market and your neighbors are taking advantage of that. If you would like to join them in finding out what your home is worth, contact a trusted agent who will do a Market Analysis of your home at no cost to you.
You might be pleasantly surprised to know what your property is worth. Whether you have considered selling or not, we believe that knowing what you home is worth is valuable information, especially in this hot market!