If you’re first-time buyers in Queen Creek or other Phoenix suburbs, you may feel like you’re being squeezed out of the market. And you’d be right. Prices rose significantly from 2019 until today, giving first-time buyers reason to pause. It doesn’t mean the Newman Realty team can’t find a home for you, it means it may take a bit longer. 

I don’t know of a real estate agent in Phoenix or Queen Creek who has seen the long-lasting seller’s market that we’re experiencing. The good news is that there is still room for first-time buyers. When we meet with you, we will talk to you about your expectations:

• What are the areas or developments where you’d like to live?
• What do you need in your home?
• Are you interested in a single-family home?
• How much do you have for a down payment?
• Are you pre-approved for a mortgage?

If you’re not pre-approved, we highly recommend that. Real estate moves fast here so there’s no time to wait for the approval. We also don’t want to show you a home that you cannot afford. If we know how much the bank will loan you, then we can work within that budget. 

Home Ownership and First-Time Buyers

In previous generations, couples got married, bought a house, and started a family. While that still happens, many are opting to wait to buy their first home. Prices are rising and there is still pandemic uncertainty in the economy. We’re starting to see trends indicating prices are coming down, or at least stabilizing, but we’re not quite there yet. 

Renting seems like it would be a good option but those prices are rising too. The reason, at least in Queen Creek, is that demand outweighs the supply of homes, even rental homes. We’re seeing builders and investors coming together to create entire developments for renters only. In all my years in real estate, I’ve never seen that happen! 

Where does this market leave first-time buyers? It leaves them with a sense that they can’t afford a new home or that it will be too challenging to make an attractive offer to a seller. Cash offers from California buyers are still happening, making mortgage offers less attractive. 

There is hope for first-time buyers!

Builders are completing projects and selling inventory, in some cases even before the homes are built. The economy and real estate market are stabilizing. Here is what to expect:

• Find an experienced real estate professional. 
• Set your expectations of what you can afford. 
• Pick different areas where you’d like to move. 
• Keep saving. 
• Don’t give up hope. 

The right home is out there for you. While it may take a bit of time, more savings, and market indicators to adjust, the team at Newman Realty is here to help you find your first home.