New Year, New Home? When is the best time to buy a house?
The Phoenix market has been hot for home sellers as of late and trends for 2022 are looking like the valley will still be in high demand for homebuyers. But does that mean those looking for a first time home or wanting to upgrade should wait for the market to cool down? Libertas Real Estate experts take a look at the trends and offer their insight.
It’s true that home prices in Phoenix have risen dramatically. Last year, the median home price increased to $450,000 — a $100,000 jump from the previous year. That alone says a lot about the state of the market. However, those that are serious about buying should not hesitate, as long as they are prepared and realistic about their expectations.
The truth is there is no “perfect” time to buy a home. The market will always fluctuate and there will always be outside factors that play into the situation. So homebuyers that want to make a move should do so confidently — and find a Realtor who can knowledgeably and professionally guide them through the process. Now is not the time to go it alone, as negotiations can be fast and furious. A skilled and experienced agent can make the experience smooth and less stressful for homebuyers.
Ideally potential homebuyers should have their loan amount pre-approved before they start scoping out homes. This can help expedite the process and puts them in a better position to have their offer accepted. Sellers (and their Realtors) want the process to go just as smoothly as buyers do. Seeing an offer with a pre-approval serves as somewhat of a security cushion to ensure them that the sale won’t fall out of escrow due to a surprise lack of funding. They may even be more apt to accept an offer like that over even a higher priced offer without that cushion.
Homebuyers should always shoot for their dream home — but they should also factor in the realities of the market. Due to a number of factors, there is limited supply for new builds and resales right now. Buyers wanting a new build may need to be prepared to wait longer than in previous years, and those looking at resale homes might have to rework their “must have lists” — to a degree.
This is where having a list of non-negotiables and negotiables comes into play. For example, location is unchangeable, whereas outdated countertops can be upgraded without too much effort or cost. Homebuyers might start with the things that are most important to them (and those ones that are unchangeable or very costly) and then work their way down to the things they are flexible on. These lists will also be highly individualized and there are no right or wrong answers, though a skilled real estate agent can also help homebuyers focus in on things they may want to consider or avoid when searching for their dream home.
Libertas Real Estate agents are constantly educating themselves on the state of the market and their industry as a whole so they can best serve their clients in finding their dream homes. Looking to buy or sell? Contact Libertas today.