What Should You Know in 2024? - February Real Estate Market Update

Описание: This month’s market update covers what YOU need to know about today's housing market, if you're thinking of buying or selling a home this year.

There are several factors that go into deciding when to make a move. Do you need more or less space? Are you tired of your long commute? Or perhaps sick of running into your coworkers at the grocery store? Maybe you have experienced a major life change and have more kids OR less kids living at home. Perhaps your financial situation has changed. Maybe your kids need a new school district. You may have family obligations that require a move. And sometimes it's just because it's the right time.

There may be other factors spurring the interest in a move. But high interest rates and affordability are putting a damper on people who want to make a change, and particularly for first time home buyers. So here are some things to keep in mind if you are considering making a move.

For first time buyers, it's just time to stop paying rent. Wealth is often built through real estate. Because of affordability, your first home may not be your dream home. But waiting to start building your own equity and having control of your own environment will almost always cost you more. Many first time buyers make assumptions about their ability to qualify for a mortgage. Don't assume! Talk to a lender, and get certainty. You may be surprised! Call me and I can make a referral.

For current homeowners who need to make that move, it can be tough when you currently have a 3 or 4% mortgage rate. OR LESS! You may be able to buy that bigger, smaller, closer to work or family home AND keep your existing house and turn it into a rental. lf you've owned your home for more than four years, you probably have a large amount of equity. Many sellers have a large amount of equity, and in the last month, sellers in over 44% of all sales in the valley have helped the buyer with closing costs. That money can be used to buy down the interest rate, making a move more affordable.

Lastly, when we look at the ratio of homes for sale vs homes in escrow, we see about a two-to-one ratio, meaning it's a nice, warm market. Buyers have many homes to choose from with less competition than usual. And sellers have buyers looking in all price points.

Don't let interest rates lock you into a home you've outgrown. Or keep you renting forever! Let's talk and create a plan for your next move.

Ted Bland
Associate Broker, Realtor
Libertas Real Estate, LLC
250 N. Litchfield Rd. - Suite #261
Goodyear, AZ 85338

http://www.TedBland.Realtor
(480) 612-1919

00:00 Introduction
00:55 First-Time Homebuyers
01:32 Current Homeowners
02:09 Current Market Conditions
02:27 Conclusion

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