06 February . 2020
Why Buy Now?
The state of the housing market is always a hot topic for potential home buyers, so we sat down with the 2020 President Elect of the Arizona Realtors® to talk about the local housing market and why now is a great time to buy.
By Jan Leighton, CRS, GRI, e-PRO®
Arizona REALTORS® 2020 President Elect
As a professional REALTOR® I am often asked about the state of the housing market, if now is right time to buy, and if there’s another economic downturn in our near future. The easy answers are: the market is strong in the Phoenix-metro area, buy now, and no, we don’t predict any drastic changes in the housing market like the ones that led to the last recession.
State of the Housing Market
Maricopa County continues to be one of the fastest-growing counties in the United States. Our strong job market, reasonable cost of living, and desirable lifestyles make Arizona one of the hottest housing markets in the country. And we don’t anticipate a significant slowdown anytime soon.
The West Valley, including the city of Goodyear, is experiencing especially high rates of growth. This side of town is booming due to the variety of residential offerings, attractive pricing, and home availability. We are currently in a seller’s market, with very low inventory, and the West Side simply has more homes on the market and room for growth than many other areas in the Valley.
Why Buy Now
Mortgage rates are near record lows right now, which is really great for buyers. That said, home prices may experience a steady increase over the next few years as inventory, and interest rates, continue to trend on the low side. Owning a home is one of the largest financial decisions a person will ever make, and potential home buyers should purchase now to lock in these great rates and prices.
If purchasing a new build, check for available promotions that can help keep costs down. Builders will sometimes offer concessions to help defray closing or finishing costs. Incentives can include things like upgraded appliances or luxury upgrades to the bathroom or kitchen.
Benefits Of Buying New
New means new. When you purchase a new build you are getting the peace of mind (and warranty) that your home construction, flooring, appliances, heating/cooling systems, etc. are brand new and won’t need updating anytime soon. Less care and maintenance means the homeowner likely won’t need to spend their weekends managing repairs or updating paint colors.
Customization is another major factor in the decision to buy new. With a new build you can choose your elevation, color schemes and finishes. Most builders also offer flexible floor plans – want that third bedroom turned into a den, no problem! – and allow buyers to build a home well-suited for their individual lifestyles.
There’s no doubt that now is a great time to purchase a new home. No matter where they choose to buy – or what type of home – working with a real estate professional is the best way to ensure home shoppers are taking full advantage of this hot housing market.
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