Arizona has one of the hottest real estate markets in the nation and has for the past few years. You may wonder if you should invest in Arizona real estate in the current seller’s environment. Here is an overview of what the market will look like in October 2022 and beyond. Whether you want to buy an investment property for long-term or Airbnbs rentals or plan to live in the home you purchase, you’ll find essential information in this article.
How Is the Arizona Real Estate Market?
Buying a home is a significant financial decision, potentially the most important one you will make in your lifetime. Arizona remains among the top locations for potential buyers. Here are a few statistics to help you get a better feel for the current market trends:
- Inventory of homes for sale: Over 6,400
- Average Property Price: $430,000
- Number of Listings: 21,000
- Days on Market: 106
Predictions and Trends 2022
You may wonder what you’ll face in the current Arizona housing market. In October 2020, the current seller’s market is likely to continue, but the market may cool down a bit compared to 2021.
Phoenix has long been the driver behind Arizona real estate. It is the fifth-largest city in the country and continues to grow. The pandemic has only increased the in-migration of prospective residents. Zillow predicts that Arizona’s home prices will continue to increase and enjoy increases in October and beyond.
Fewer homes will likely sell above listing as the end of the year approaches. This may result in longer days on the market. However, there’s still a massive gap between supply and demand, making a robust seller’s market likely in the foreseeable future.
There are three factors influencing this trend:
- Labor shortages, rising prices, and a lack of new homes, in general, will contribute to the short supply of homes in Arizona.
- Remote workers continue to move to Arizona, pushing up prices for available homes.
- The lack of available housing inventory puts sales prices in the seller’s hands.
Now Is a Good Time to Buy in Arizona
Working with your real estate agent and mortgage lender is vital to achieving the best rates. However, it’s still an excellent time to buy in Arizona. With mortgage rates continuously in flux, it’s hard to pinpoint the exact moment you should purchase a home. However, you can work with your lender to understand mortgage rate cycles better. It would be best if you also considered locking in an interest rate that meets your budget before it changes.
The next question is which mortgage lender offers you the best services and loan products in Arizona.
Choose the Potempa Team as Your Lending Partner
Contact the Potempa Team if you have any questions about securing a mortgage loan for a home in Arizona. Our process starts with a pre-approval, and we’ll help you select the right loan product once approved.