The state of the Arizona housing market is looking up
Tuesday, November 24, 2015
Buying a new home is a big decision. Not only do you have to consider your own finances, but you also need to gauge the state of the real estate market before moving forward. Thankfully, things are looking up for real estate in Arizona this year, according to several sources. We’ve come a long way since the U.S. housing bubble burst in 2007, and now, several key indicators of real estate health in the area are on the upswing — a positive reflection of national trends. If you’ve been dragging your heels about the decision to purchase a new home, perhaps the following data will help you pick up your feet.
The State of the State’s Real Estate
When you start looking at the real estate market, there are many different indicators of how healthy things are. One to consider when looking to buy a home is the rate of new building permits issued by the city. According to Mike Sakal, a public information officer for the City of Goodyear, building in Goodyear is up. From the start of the year through October 31, the city issued 927 new, single-family home permits, which is 234 more than that time last year. This means an influx of nearly 3,000 new neighbors in the Goodyear area — a positive sign for the local market.
Another key factor to consider is the availability of programs to assist home buyers. There are several available for those looking to purchase a new home. For example, Valley government and civic leaders recently expanded the popular Home in Five mortgage program to help metro Phoenix firefighters, police and teachers get into homes. A similar initiative is the HERO program, which assists veterans and service members with down payments and closing costs . Programs like these increase the rate of home purchases, one of the key indicators of a healthy real estate market.
Other parts of Arizona are feeling the positive effects as well. Inside Tucson Business stated that real estate in Southern Arizona is at “its healthiest level in the past five years …As a whole, the market is continuing to recover from the 2007 financial collapse, and prospects remain bright.”
On the National Level
Thankfully, the good news is not exclusive to Arizona. Many factors have led to positive real estate trends nationally as well. For example, home values in the U.S. have gone up 3.3 percent in the last year and Zillow predicts they will continue rising about 2.2 percent in 2016.
A healthy real estate market is one where new and existing homes are selling consistently. A CNN report indicated that in August, the nation saw its best month since February 2008 for the rate of new home sales for single families. The amount of homes purchased — an extraordinary 552,000 — was an almost six percent increase from July. This upswing trend matched the data for existing home sales, which experienced a 4.7 percent jump from August to September, as reported by The National Association of Realtors.
Once you’ve looked at your finances, weighed the trends in the market, and decided to buy a house, there’s one more big decision you have to make — where are you going to move? As you look for a home, keep in mind that you’re not just looking to buy a structure — you’re investing in a neighborhood and lifestyle too. Over the past 20 years, more than 4,600 families have made Estrella their home. Families here enjoy unique home designs, a rigorous school system, and first-class amenities like the scenic, 18-hole championship Golf Club of Estrella™, over 20-miles of trails, plentiful community events and beautiful views of the lakes and Sierra Estrella Mountains.
If you’re ready to find a community, not just a house, you’re ready for a home in Estrella. Come out and visit us today!
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