Market Snap Shot: March 2017 Update!
Home prices: Still on a steady rise from 2016 to 2017 due to low inventory of available homes for sale, along with an increase in demand. Especially within the mid to low $200,000 price point, homes are selling very quickly.
Interest rates: Interest rates have gone up slightly and are predicted to slowly increase even further this year. Average rates are climbing just above 4% but also depends on a few other factors.
Rent Prices: Rent prices also have been very much on the increase as well. Even with interest rates increasing, homeowners can still get a mortgage payment in many cases that is less or equal to what they could potentially pay in rent. However for those not looking to stay in one place for a longer period of time or are not yet able to purchase due to building credit or other financial factors, paying a little more in rent is still a go to option. However don’t let a down payment to purchase discourage you! As there are multiple 0% down options available or even 3.5% FHA options available. I have seen clients put down less money on a home purchase than they would have with a security deposit.
New builds: There are multiple new build subdivisions throughout the valley that we work with. Builders are continuing to grow market share and have projects finishing up and being started all over the valley. From Peoria, North Phoenix, and Buckeye to the east valley Gilbert, Chandler, and over to Maricopa.
Hopefully you found these quick notes helpful. If you need anything at all, feel free to reach out to me. I am always working hard to create an amazing experience for you!