Survey: Arizonans optimistic about home prices

PHOENIX — A new survey showed Arizonans are feeling good about the investments made in their homes.

The survey from BMO Harris Bank showed Arizona had a higher percentage of people who are optimistic about the future price of their homes compared to the rest of the nation.

“We found in the survey itself that three in four people in Arizona felt like their home value would increase over the next 12 months,” said Jerry Bevers, director of mortgage lending at BMO Harris Bank. “Compared nationally, our national results we got were about 59 percent, so optimism (is) above the national level.”

Only 7 percent of Arizonans had a pessimistic view of their home price future, believing they were in for losses over the next year.

Phoenicians displayed more optimism, with 84 percent saying they believed their home prices would be going up over the years.

Bevers said, with home prices at affordable levels in Arizona and interest rates low, it is a good time to be optimistic.

“When you tie this survey together it just shows that there’s optimism that home prices will increase, as well as there’s an expectation of (interest) rates increasing so it’s a good time to buy,” he said. “It’s a good time to look at purchasing a home now.”