If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?
This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money.
For example, a survey by Braun showed that over 75% of parents say “their child’s education is an important part of the search for a new home.”
This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the top four reasons Americans buy a home have nothing to do with money. They are:
- A good place to raise children and for them to get a good education
- A place where you and your family feel safe
- More space for you and your family
- Control of that space
What does owning a home mean to you? What non-financial benefits will you and your family gain from owning a home? The answer to that question should be the biggest reason you decide to purchase or not.
2. Where are home values headed?
According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), the median price of homes sold in December (the latest data available) was $232,200, up 4.0% from last year. This increase also marks the 58th consecutive month with year-over-year gains.
If we look at the numbers year over year, CoreLogic forecasted a rise by 4.7% from December 2016 to December 2017. On a home that costs $250,000 today, that same home will cost you an additional $11,750 if you wait until next year.
What does that mean to you?
Simply put, with prices increasing each month, it might cost you more if you wait until next year to buy. Your down payment will also need to be higher in order to account for the higher price of the home you wish to buy.
3. Where are mortgage interest rates headed?
A buyer must be concerned about more than just prices. The ‘long-term cost’ of a home can be dramatically impacted by even a small increase in mortgage rates.
The Mortgage Bankers Association (MBA), the National Association of Realtors, and Fannie Mae have all projected that mortgage interest rates will increase over the next twelve months, as you can see in the chart below:
Bottom Line
Only you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision. Give me a call for some professional advice – J.P. Cook – 602-320-4253.
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3855 S Mcqueen Road Chandler, AZ 85286
$549,500
3
Beds
2.5
Baths
2,107
SqFt
Status
Active
MLS #
6562343
Property Type
Townhouse
Price Type
--
This beautifully upgraded Move-In Ready home is in the coveted Paseo Vista Village, just minutes from numerous employers, shopping, and dining. The home features a modern floor plan with plenty of space for entertaining and relaxing. The open concept living and dining area is perfect for hosting guests, and the kitchen is equipped with all the latest appliances. The home is energy efficient and features a number of upgrades, including tile flooring in extended areas, kitchen cabinet enhancements, and upgraded bathroom fixtures. The community pool is a great place to relax and cool off on hot days, and there are also ramadas and BBQ areas for entertaining guests.
9545 E Carl Road Flagstaff, AZ 86004
$549,500
4
Beds
2
Baths
1,928
SqFt
Status
Active
MLS #
6641021
Property Type
Manufactured Home
Price Type
--
Well-built private living backing to National Forest Land! Enjoy bright stars, Elk and Deer while being close to all amenities. 2.3 acres fully fenced, complete with horse arena, tack room & shed. Open and split floor plan with new LVP flooring. Deluxe primary bedroom with full bathroom, dual sinks, soaking tub, separate shower and walk-in closet. The solid construction consists of 2x6 exterior walls, double pane windows, and double insulated walls & ceiling built on solid ERBS anchored foundation. Roof built for heavy snow with 2x6 trusses. Built like a true home & space for everything!! Natl Forest is your backyard for walking, play, riding and more! Come see, private serene living at a fraction of the cost!
1901 W Fairway Lane Payson, AZ 85541
$549,500
3
Beds
2
Baths
1,557
SqFt
Status
Active
MLS #
6652071
Property Type
Single Family Residence
Price Type
--
As you walk through the front door into the foyer, you will notice the engineered hardwood flooring that is throughout the home, the secondary bedrooms are on your right, but first continue into the living room with vaulted ceilings with indirect lighting featured in multiple areas. Take in the fireplace and views of the deck and expansive backyard through large windows on either side of the fireplace that now has a pellet stove for added efficiency for heating in the winter months. As you walk further in, you will notice the gourmet kitchen with undercabinet lighting, designed by the owner, a renowned pastry chef now retired. There is an adjoining dining area with great views of the outdoors. After you take in the kitchen and dining area proceed into the primary suite that is spacious and also has access to the rear covered deck, pause for moment and take in the views into the back yard then proceed into the bathroom with spacious walk in closet along with walk in shower with glass enclosure. Wow! Now the best part is you go out on the deck, take in the views of the mountains and if you are lucky some of the areas wildlife or maybe a golfer saying a few choice words after shanking their drive. Then proceed down the stairs and into the backyard, walk among the trees and shrubs, over on the side of the home are raised beds that have drip irrigation set up for easy gardening. Then for those of you that tinker the workshop with outside ramp if you want to park your side by side that you can access from the garage too.
1102 E 7th Street Mesa, AZ 85203
$549,500
4
Beds
3
Baths
2,194
SqFt
Status
Active
MLS #
6671997
Property Type
Single Family Residence
Price Type
--
This 4 bedroom, 3 bathroom, one-level, Mesa home has a 1/1 819 sqft attached unit with its own entry, kitchenette, and laundry room is a diamond in the rough! The main house which is 3/2 1375 sqft is currently leased at $2100 until 10/31/24. A perfect House Hack! It has been well kept by the current owner and is move-in ready! Conveniently located near Fitch Park, Hohokam Stadium (Oakland A's), Sloan Park (Chicago Cubs), Main Street, Mesa Riverview Park, along with highway 60 & the 202! The SUNLAND MESA AMD community welcomes you inside the neighborhood, where peace is found! All appliances convey with the sale of the home. It's hard to find a property in this area with this unique setup! THIS PROPERTY WILL NOT LAST LONG!!!
26604 W Quail Avenue Buckeye, AZ 85396
$549,500
2
Beds
2
Baths
2,105
SqFt
Status
Active
MLS #
6686210
Property Type
Single Family Residence
Price Type
--
Beautiful 2-bed, 2-bath, plus den Pursuit model on a spacious corner lot in one of the quietest neighborhoods in Sun City Festival. The large backyard has an expanded patio and wonderful opportunities for outdoor living. The home features light-colored wood-look tile flooring and dark Alder cabinetry throughout the home that include roll-out trays. Gas SS appliances include cooktop/dual ovens. Light-colored granite countertops in the kitchen and bathrooms. The home includes Bow Windows in the dining area, built-in entertainment wall, tray ceilings in the gathering room and owner's suite, French doors at den, expanded laundry room. The 2-car garage includes an insulated garage door and soft water system. The expanded front patio allows views of the White Tank Mountains.
16509 W Rowel Road Surprise, AZ 85387
$549,500
5
Beds
2.5
Baths
3,201
SqFt
Status
Active
MLS #
6692221
Property Type
Single Family Residence
Price Type
--
Stunning backyard features heated pool, raised spa & lovely waterfall feature. Mature landscaping, covered patio, fountain, entertaining area, pavers, and garden with producing lime, fig and grapefruit trees! 5 bedrooms, 2.5 bath w/ 3.5 car-garage! 2 replaced AC units ($14k). Beautiful gourmet kitchen with 42'' maple cabinets, pull-out shelves, walk-in pantry & generous breakfast bar seating. Sep living and family rooms. Downstairs den with 1/2 bath. Wide stairs w/custom railing leads to open loft (perfect flex space) plus 4 large bedrooms including the Master w/ walk-in closet, luxurious bath w/ split his/her vanities, separate garden tub & shower, private toilet closet. Garage built-ins & service door. New exterior paint 2023; paver sidewalks, solar screens, fans, utility sink!
25 S Willow Creek Street Chandler, AZ 85225
$549,500
4
Beds
2.5
Baths
2,144
SqFt
Status
Active
MLS #
6695275
Property Type
Single Family Residence
Price Type
--
222 W Roma Avenue Phoenix, AZ 85013
$549,500
3
Beds
2
Baths
1,316
SqFt
Status
Active
MLS #
6695432
Property Type
Single Family Residence
Price Type
--
Nestled in a quaint and picturesque setting, this historic corner lot property offers a unique living opportunity with two charming homes on a single lot. The main house, brimming with original charm, features two cozy bedrooms and one bathroom. Immaculately preserved, this home delights with period details and a warm, inviting atmosphere that only a historic house can offer. Modern upgrades such as dual pane windows, a new sewer line, & copper plumbing enhance comfort without detracting from the home's vintage appeal. Tucked away in the back is a delightful studio home, perfect as a guest house or rental opportunity. This compact yet efficient space includes one bedroom and one bathroom, providing privacy and comfort. The property also has a detached garage with plenty of storage space!
2 County Road N2148 -- Alpine, AZ 85920
$549,000
3
Beds
3
Baths
1,772
SqFt
Status
Active
MLS #
6697234
Property Type
Single Family Residence
Price Type
--
Tucked at the end of the road, you will find a gorgeous 3-bedroom 3-bathroom home, ready for you! Enter the front door to the open concept floor plan, living room features a fireplace with insert for the winter nights. The kitchen is generous in size with plenty of room to work. Large dining area for gathering with friends and family. Arizona room to enjoy the four seasons and watch the wildlife. Master suite is cozy with a ¾ bathroom. Two additional bedrooms and two more bathrooms, one with laundry and access to the back deck. An attached one car garage features a workshop room complete with 220 V and a bonus room for a home office, gym or just additional storage. With 1.69 acres (approx. 73,616 sf) you have space to enjoy the outdoors.
6405 N Oakley Court Casa Grande, AZ 85194
$549,000
4
Beds
2
Baths
2,050
SqFt
Status
Active
MLS #
6700934
Property Type
Single Family Residence
Price Type
--
BRAND NEW Construction with Custom-Quality Upgrades throughout! This beautiful Modern Farmhouse is located on a 1.41 ACRES of Horse Property. NO HOA. Gourmet Kitchen w/ high-end Cabinets w/ 42'' uppers, White Quartz Countertops, Stainless Steel Appliances & Wood Plank Tile Floors. Stunning Master Bathroom w/ Freestanding Soaking Tub & Modern Glass Shower. Exceptional Energy Efficient - boasting Spray Foam Insulation, Premium AC unit & High-end Windows. Superior Construction and Craftmanship includes Premium Roofing System, Premium Synthetic Stucco & much more! COMPLETED in Oct/Nov.
12320 W Luxton Lane Avondale, AZ 85323
$549,000
4
Beds
3
Baths
2,272
SqFt
Status
Active
MLS #
6678265
Property Type
Single Family Residence
Price Type
--
INCREDIBLE OPPORTUNITY to live close to it all in the West Valley. With 4 beds, 3.5 baths, flexible retreat area and 3 car side by side garage, this dream homes shines from the stunning curb appeal to the endless possibilities in the large north facing backyard. This bright and open plan boasts 10' flat ceilings, 8' doors and an expansive 16' sliding glass door to the extended outdoor patio. The gorgeous kitchen provides you the opportunity to shine as a chef with upgraded coconut shaker cabinets, quartz countertops, stainless GE appliances, pot filler, herringbone tiled backsplash and oversized center island. Energy-efficient, extensive new home warranty and excellent customer service...there is not time like TODAY. See you soon!
4026 Desert Moon Drive Wickenburg, AZ 85390
$549,000
2
Beds
2.5
Baths
1,678
SqFt
Status
Active
MLS #
6590654
Property Type
Townhouse
Price Type
--
Well appointed Valletta Model Home, the LARGEST square foot Duet SHEA builds for Wickenburg Ranch, 1668 sq ft. Features include the EXTRA bath and LARGER office space. $40,000 spent on wood flooring throughout the house. Primary suite w/glass slider that opens up to a paver patio covered by a beautiful pergola. Dual sinks, and walk-in closet. Guest Ensuite w/granite counters. Generous Great Room Exit through the multi-glass sliding doors to the expansive views while enjoying your built-in BBQ. Kitchen has granite counters, wall ovens, pantry and R/O water system. Laundry space has upgraded upper and lower cabinets. HOA maintained landscaping front & rear. All around beautiful home. Seller will pay $10,000 towards closing cost. This covers your $8,000 club membership and more