Yuma's home price increases more modest
While homeowners in other parts of the state may be enjoying double-digit increases in property value, that kind of hike is but wishful thinking for Yumans.
“We're not seeing double-digit increases,” said Yuma Realtor Carol Engler. “I wish we did.”
She said there have been some modest gains in home values in the Yuma market, and she is seeing multiple offers on properties.
“But they're not pushing up prices that much. We're still far below the price curve. We're still in values from the '90s.”
A large part of the problem is the number of short sales and foreclosures which, while less of the total market than in the past, are still having a significant impact on the local market.
And while a couple of state economists are warning there could be a price bubble that could burst and actually send home prices dropping, Engler hopes that won't happen here.
One major difference in the markets experiencing large value increases and the Yuma market may be in who is buying the houses.
Jim Rounds of Elliott Pollack and Associates underlined the role of investors. A member of the state's Finance Advisory Committee, he foresees a time when investors won't be snapping up Arizona properties as other investment opportunities become more attractive
Engler, on the other hand, believes that by far the majority of buyers in Yuma are purchasing homes for themselves and their families.
“Owner-occupied buyers are probably 90 percent of my sales.”
With historically low interest rates and still low prices on homes, that's a trend she expects will continue.
Engler noted that most of the investors buying houses in the Yuma area are concentrating on trustee sales.