Is Now a Good Time to Buy a Home?
Whether now is a good time to buy a home depends on the real estate market, mortgage interest rates, and personal factors. As a real estate professional, I think now is a great time to buy. Mortgage interest rates are still low and housing prices haven’t risen to the point that homes in Gilbert, Chandler, and surrounding cities are unreasonably priced. If you’re not sure, give Newman Realty a call and we can help.
Real Estate in the East Valley
Good news for buyers is that real estate in the east valley has been a bit of a mixed bag. While there are new developments being built, there are still bargains to be had when it comes to purchasing a home. It’s worth taking a look at what’s available for you and your family.
While they threatened to raise interest rates, the Federal Reserve has yet to make good on its promise. That’s great news for buyers who can still get low rates on mortgages.
Nationwide there is a trend for people to continue to rent homes. This is due to a culture of renting that resulted from the recession a few years ago and the growing number of Millennials (adults in their 20’s and early 30’s) who are opting to rent rather than buy homes. That means the inventory of rental properties could decrease in the next decade resulting in increased rental rates. [Source]
How much are you spending on rent?
If your lease is coming up, consider buying a home instead of renewing your lease. The team at Newman Realty can connect you with mortgage lenders who can tell you if you’re qualified for a mortgage and the amount they will finance. You may actually spend less money per month on a mortgage than on your rent. It’s worth finding out if you qualify for a mortgage.
Another factor to consider is whether you’re staying in the east valley or Arizona or you’re going to move in the next five to ten years. If you’re here to stay and you’re renting, it’s time to consider purchasing a home of your own!
Call Newman Realty at 480-993-8653 to get started today!