Because of high demand and a strained supply, the Arizona Real Estate prices in Phoenix are rising. The median price rose 5.1 percent. This may not sound noteworthy but when paired with near zero inflation, take note! Michael Orr is the director of ASU’s Center for Real Estate Theory and Practice states that boomerang buyers are the reason that the well of mid-level homes is drying up. Boomerang buyers are those who foreclosed or short sold their homes years ago and now have repaired and rebuilt their credit to allow them to qualify for a home loan. Once more luxury homes are sold off, the demand should slow down.
But what about first time home buyers? With the shrinking market of houses in the $200,000 range, timing can mean having a house or keep looking. Those new to the Arizona Real Estate market could find the house of their dreams but then come up against someone with cash in their pockets or not putting an offer down before it’s too late. There is certainly a learning curve and some buyers may have to make sacrifices to items on their “want” list. Looking at different zip codes might open some windows or even a personalized note explaining to the seller your situation may help you.
The one person that can have no qualms about the Phoenix real estate market is the seller. Boomerang buyers are coming back and they want to get a deal. Homes in the $200,000 are in short supply and will push buyers up to the $300,000 range where they will likely have no problem finding a home. The median home price is $215,000 which is up 5 percent over last year. For those who need to stay in the lower price range are looking at condos and townhomes.
Arizona Real Estate can be tricky and stressful time, so why not put the pressure on someone else’s shoulders? The MoJo Team-Scottsdale Realtors can help you buy or sell a home in:
- Paradise Valley
- Fountain Hills
- Cave Creek
Josh Hintzen and Morgan Hodges have over 10 years of real estate experience. By putting the client first, we provide the best service by keeping ourselves accessible and responding quickly to your needs. We will listen to your needs and communicate clearly to ensure the best experience finding your home.