You’ve probably been hearing a lot about the Phoenix Real Estate Market. During the first weeks of quarantine, Phoenix was one of the only markets in the country that didn’t take a nosedive, according to the Phoenix Business Journal. The even better news? It’s continuing to both stabilize and grow too.
The national interest dropped earlier in 2020 and has continued to fall. That means your mortgage will cost you less in interest over the life of the loan. And rates aren’t expected to go up anytime soon! When you’re starting your home search, getting pre-approved by a bank is helpful to know what size mortgage you qualify for.
While low inventory sounds negative, it’s great if you’re in the market to sell! Low inventory means there are less houses for sale and that typically drives the prices to the higher side. Low inventory also applies to rental properties – less rental properties available means higher rental prices. The combination of low-interest rates and low rental inventory often leads to more home purchases.
What That Means for You
If you’ve been thinking about selling your home, now might be the time. Existing home sales are growing in addition to new home sales. If you’re looking to purchase a home or an investment property, these low interest rates mean you’re likely to get more bang for your buck.
Choose a Team You Trust
If you’re wondering if now is the right time to buy or sell, why not work with the best? Gretchen Baumgardner and Jim Bruske, The Bruske Team, are one of the top real estate teams in Arizona. If you are ready to work with a local, dependable and committed agents, contact us today.