The pandemic hit the housing market hard last year, but it’s making a strong comeback. What does that mean for Arizona?
If you’re planning on making any moves in the real estate market, now’s the time to do it.
Buying a home in Arizona gives you property ownership in one of The State’s most incredible landscapes. Arizona is home to the Grand Canyon, Verde Hot Springs, and Picacho Peak.
The cost of living is also affordable, which surprises a lot of homebuyers. Not to mention, Arizona has a strong job market and wonderful weather year-round.
Are you looking to buy or sell a home in Arizona this year? Here’s a brief overview of the real estate market in Arizona this year.
The Rates Are Still at an All-Time Low in the Real Estate Market
Although we’re halfway through the year, housing rates have managed to remain flat. The 30-year fixed mortgage rate sits at 2.86%, with the 15-year FRM sitting at 2.16%.
The 5-year ARM is also doing well, despite states getting back to doing business as usual.
What does that mean for homeowners and buyers in Arizona? Now is the time to save money on a new home purchase or refinance. The prediction is that rates will continue to remain flat for the remainder of the year, keeping the market hot.
Demand May Outgrow Supply
Zillow, one of the nation’s leading sites for real estate, lists about 30,000 homes for sale in Arizona. This number may seem like a large number at first glance, but it’s not.
The number of homes for sale in Arizona doesn’t directly speak to supply and demand.
The first-time homebuyer platform continues to swell, which affects supply and demand. This swell is due to the Gen-Z population gaining more buying power.
With rates as low as they are, more millennials and Gen-Zers are boldly buying property faster than Gen-X and baby boomers. If this trend continues for the remainder of the year, demand will outweigh housing inventory.
Increased demand may lead to a slight increase in sale prices as well.
Now Is the Best Time Sell
Whenever demand outgrows supply, it’s a hot time to sell. Market watchers buy like crazy when rates are so, even with higher sales prices.
If you need to let go of primary or rental property in Arizona, now’s the time to do it. Renters are putting their stimulus money to good use and trading up for new homes.
List your home now while market predictions continue to sit strong. If you’re not sure how to get started, check out peggyyoung.com. That’s a good real estate market pad to leap from.
Buy and Sell Now in Arizona
The Arizona real estate market is hot right now. It’s a great time to consider your options if you plan to buy or sell property in that area.
Let us tell you more about Arizona. Check out our lifestyle and travel guide for the latest trends in the Grand Canyon State and for a great homebuying experience.