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We have 3.68 months of inventory for Phoenix and Metro. This is important as it is the 4th month in a row that we have had less than 6 months of inventory. Interest rates are fabulous. Feds are soon bowing out and the economic numbers appear to say our rates will stay low in the coming months.
The biggest piece of all of this is the first time buyer credit; you must be closed with keys in hand prior to 12/1. Every one chasing short sales needs to get rolling, these take longer to close - its show time. Buyers are already feeling the panic of not getting closed in time.There are 5 main reasons that the housing market is showing some solid signs of recovery, and of course it always begins first with mortgage money, financing is at it's lowest rates in years.
The second reason is that as the market recovers, pricing will go up. Right now our market offers the best of both worlds to buyers. Interest rates and housing cost are at an all time low. This opportunity may not show its face again for decades.
Sellers can enjoy the low interest rates and housing as well. If they sell lower than they could have a few years ago, they can still buy at a lower price as well with lower rates!
The tax break deadline looms, so our third reason to buy now is to take advantage of the $8,000 tax credit while it is still available.
Combine that with our fourth reason….that there is more inventory now to choose from than there typically is during the winter months. With more properties on the market, buyers have more buying options and the competition for pricing in the marketplace is more robust, making prices very affordable.
And finally, if you are a first time home buyer, give appraisers and inspectors enough time to process their reports so you can take advantage of the $8,000 tax credit before the program expires on December 1st. This window is closing fairly soon!
Affordability is at an all-time high. You have home prices that have dropped 25 to 30 percent. You have interest rates at very low amounts and you have consumers who have been waiting to buy. Combine that with the $8,000 tax credit you get if you're a first time buyer, and it's creating a solid demand that is available right now! Reported by Diana Durham
Michael Pittman
Keller Williams Sonoran Living
Realtor®
602-622-2776 Main
602-258-7035 Home
