Scottsdale Arizona Realtors

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As an experienced Scottsdale Arizona Realtor, I will be happy to discuss all of today’s Scottsdale Real Estate issues with you to help you make an informed decision about your future purchase of real estate in Scottsdale, Arizona.  These are opinions and obviously there are no guarantees, as future market conditions are impossible to forecast. The following will tell you what has happened in the past and where we are today with respect to current market conditions.

Now may be an excellent time to purchase a home or condo in Arizona. Interests rates are the lowest in memory, prices have fallen considerably and sellers are willing to negotiate.  There is no way to determine if the prices have fallen as far as they are going to, but home prices appear to be leveling off.  Residential sellers are becoming more competitive because they are forced to compete.

With gas prices due to rise again soon,  When deciding on the Phoenix area in which to buy,  it would be best to calculate how much money you will spend on gas and how much time you will spend away from family with a long commute.  There are, however, other factors involved such as school districts and home amenities.

Buying a home is also getting more difficult. Lenders have raised the bar for qualification because of the increase in foreclosures. When there are a high number of foreclosures, lenders are forced to raise their qualification standards. Someone thinking about purchasing a home will need to show a good work history, a descent credit score, and a good debt to income ratio. Subsequently lenders are requiring higher credit scores, higher income and longer work histories than previously given recent foreclosure rates. Lenders are also requiring stricter documentation of assets and liabilities.

When the bar for qualifying is raised, fewer people will qualify to purchase a home. This  has created an overall slow down in the growth of the Arizona real estate market.  However, population growth in Arizona is still  high … especially when compared with the rest of the country. 

If you are thinking about purchase a home, now may be a great time, depending on your situation, with current low interest rates and the incentives available. It is still common for people to purchase a  home with zero down. If you are a seller, however, this may not be the best time to put your home on the market. If you have to move, consider renting your home to a qualified tenant. As an experienced Scottsdale Realtor, I would be happy to help you put your home on the market for lease. Lease option purchases are also becoming popular in Arizona. They are designed to help a buyer, that may not yet qualify for a home, have a possibility of purchasing the home at the end of the lease. 

Choosing the right Scottsdale Arizona Realtor to  represent your best interests is of paramount importance. I have been serving the Phoenix, Scottsdale and Fountain Hills Arizona communities for over 25 years.  It would be my pleasure to help you find the Scottsdale real estate that’s perfect for you.

 


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04/28/2021

 

 

Content Copyright 2021 – Jay Lawrence – THE Scottsdale Arizona Realtor.