'How's The Market?'
It has gotten a little crazy the past few months. You would not believe how often someone will ask me 'How's The Market'? It's like asking How's The Weather? There are so many ways to answer that question. It depends on your location and if you are thinking of buying or selling your home or investment property. The most important thing is what your particular 'GOALS' are. I'm sure you have heard the phrase 'Timing is Everything'. That is true of most things in our lives, but especially in Real Estate.
From everything I've seen lately, the housing market is growing – and strong growth is projected to continue in 2017. Did you know in 2016 home sales were up 4.5% over 2015. That is the strongest growth since the recession hit. Home prices have fully recovered from the Great Recession decrease, with more growth expected. Forecasters are projecting a 4.3% increase in Home Sales in 2017.
So, if you are thinking of Buying, this is a good time, two more Fed Rates Hikes are likely in 2017, according to Kiplinger. As mortgage rates increase, homes will be less affordable. If you buy now you basically freeze that rate, and guess what, your payment stays the same while your income is subject to rise over the years. Think about these things; your rent payment could be your mortgage payment, you can use some of your savings as a downpayment, or your may be eligible for downpayment assistance. There are a lot of programs out there and one may be perfect for you.
On the other hand if you are thinking of selling, here is some important information for you. The Census Bureau says Arizona's Maricopa County has replaced Texas' Harris County as the county with the nation's highest annual population growth. Maricopa County includes Phoenix and most of its suburbs, and its estimated population now tops 4.2 million. Maricopa County gained more than 81,000 people between July 1, 2015, and July 1, 2016, an average daily increase of 222 people. They all have to live somewhere; so if you're considering downsizing, upsizing, changing locations, or just moving in general, this is a good time for you too. Think about it, more folks moving into the state, buying to beat the market increase and getting the most value for their money.
Overall, whether you are entertaining the idea of buying or selling, get in touch with a real estate professional and get more information about your area, homes sales recently and work a plan for the next step. If you need help, feel free to contact me for additional information.
How's your Market?
Blog Archive2017-09-07 16:21:49
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