Why Now Is The Time To Buy
If you have been considering purchasing a home, you may be curious to know if this is the right time in the market to make your move. The market is fast changing, with new laws coming into play, interest rates are constantly rising, along with a whole slew of things buyers have to face when it comes time to picking the right house. What does that mean for you? It means, why now is the time to buy! Let’s break down the benefits of purchasing a home now, instead of waiting.
1. Interest Rates Rising
If you haven’t been keeping up with the real estate market, you might be missing out on the data around interest rates. They have been going up. 5% may not seem like a lot, but can be the difference between hundreds or even thousands of dollars on what you are paying out towards your loan on a monthly basis. Would you want to pay an extra $200 towards interest on your loan each month, or would you prefer to pocket that $200? The answer to that is the same for all of us, as who doesn’t like to keep money in their own pocket!
Buying a home now while interest rates are still on the low side, is going to be an advantage, both now and long-term. Take advantage of today’s rates and purchase a home that doesn’t cost you extra just for the interest.
2. Home Prices Are Increasing
Have you been hearing folks complaining in your market about the price of homes going up? Well, those prices are going to continue climbing. A home that is $200,000 now, could go up to $400,000 in 10 years because of market conditions. We also are aware that wages are not increasing as steadily as the cost of living. Purchasing a home in today’s market can get you a bigger and better deal on a house than if you were to wait a few years. Especially in hot city markets, like the metro Phoenix, AZ area, where prices have gone up greatly. Just a few years ago the median home price here was $250K, that number is now over $300K, so making a move now can save you hundreds of thousands.
3. Competition Is Getting Bigger
Population growth is a real thing and with more people, comes more competition for homes. Homes are selling fast, which means a high demand increases home prices. Buying your home now, while the competition isn’t as strong as it could be a year from now, helps you get a better deal on the home you want now then if you were to wait it out. Arizona is a popular place to live, and new companies are moving here and opening every day, which brings more people to our State and everyone needs a place to live.
So, in conclusion, the ball is in your court in today’s market. There isn’t a better time to purchase than now. Avoid the competition and the increase in fees and prices, and take advantage of a market that is still affordable. Our market is definitely a Seller’s market right now, with properties hitting the market and many receiving multiple contracts within just a few hours. To be ready to go and put yourself in the best position possible that your offer will be accepted above all others, let me put my year’s of real estate experience to work for you! It makes all the difference in the world, that the strategy I use, has my client’s offers being accepted in multiple offer situations on the buy side, and marketing techniques have my sellers receiving multiple offers for more than list price. Contact me today, if I can help you or someone you know with real estate needs in the metro Phoenix, Arizona area.