Housing Market Stability: A Good Thing
The Arizona housing market is stabilizing.
That’s good news for the economy. But what does it mean to you? If you are in the process of purchasing a home, this could be an opportunity to buy at a more affordable price. If you are looking to sell your current home, it would be a great time to look for your next home before prices rise again. If you are looking to refinance your current home, the rates might now be at an all-time low. This is a great time for those who need to improve their credit score as well as those looking to build equity in their homes.
Number of active listings is up.
What we’re seeing in the real estate market is that the number of active listings doubled from six months ago. This is a good thing for buyers as there’s more houses to choose from and offers are being accepted closer to listed price rather than over, meaning you can get more house for your money. Another benefit to stabilizing real estate prices is that it helps stabilize interest rates for consumers who want to purchase a home or refinance their current mortgage.
Houses are staying on the market for longer.
When houses are on the market longer it means that there is less demand for them and prices won’t continue to climb so fast. Houses staying on the market longer shows that there might be an excess of houses on the market which could lead to slower price increases in the housing market. This is great news for those who are looking to buy a home because they can get houses at lower prices.
The number of houses under contract has gone down.
This is another way to tell that the housing market has been stabilizing. This can be a good thing for those who are looking to buy because it shows less demand in the market and this leads to lower prices. For the foreseeable future, there shouldn’t be any dramatic changes that will affect them either positively or negatively.
Appraisal waivers are being given out less.
Since homes are staying on the market longer, lenders are ensuring the homes are worth what people are asking for them, before they approve loans. This is great for sellers because it makes sure that a buyer is fully qualified for a home loan, which lowers the risk of the buyer backing out once under contract.
All of these are signs of stabilizing prices in the housing market. The stabilization can be great news for those who are looking to buy, as you’re not having to pay as much over list price. For those who are looking to sell, it means that you have a better chance of getting the price you want without having to wait for months. This is good news for homeowners and potential buyers across the state.
If you’re interested in taking the opportunity to sell your home, give me a call! (602) 577-7410 <3 Evie