PHOENIX (CBS5) -
A new report from Zillow said Phoenix has the highest increase in home prices in the United States.
"Well we've come up but then again we were one of the biggest markets to crash so we have no place to go but up," said real estate expert Marge Peck.
When Peck heard the latest Zillow report saying the Phoenix housing market had a 12 percent increase year to year, she warned home buyers and sellers to put the news into perspective.
"We're seeing more offers on properties. The values have come back. Better than they were six months ago," Peck said.
She said while any increase is good news, we still have a long way to go. The long wait can be tough on both buyers and sellers.
"Everybody's going through an emotional roller coaster. Peaks, valleys, ups, downs, one minute you hear the market is getting better and it gives you that false hope again," Peck said.
What does it mean for homeowners? Peck said if you're a seller and you're going to make a profit, now might be a good time to sell.
"Know when to leave the table," she said.
If you're on the other end of the housing spectrum, Peck said you might want to keep your eyes peeled for that perfect-for-you home.
Peck said the bottom line is to make sure to make the right decision for your individual situation, no matter what the numbers show.
Copyright 2012 KPHO (Meredith Corporation). All rights reserved.
