If you’re a homebuyer, the time to buy is now—here’s why.
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Are you waiting for the market to soften to buy a home?
A lot of buyers have this plan because they’re afraid that what happened during the last economic downturn will happen again soon. However, according to my guest today, Tom Ross of Bay Equity Home Loans, the last economic downturn was a once-in-a-century event, and the current market features a totally different set of circumstances.
If you plan on staying in your home for at least three years, there are plenty of underlying reasons why now is a great time to buy.
According to the statistics, Phoenix is the fastest-growing city in the U.S. Not only are we ranked in the top 10% of all cities in terms of job growth, but we’re also in the top 20% in terms of historical appreciation.
We have about 70,000 households being formed annually, but only 25,000 homes being built. To be exact, we have less than three months of inventory, and we don’t see supply catching up to demand in the foreseeable future. Furthermore, appreciation is also expected to continue to rise.
If you look at the big picture, it’s a great time to buy or sell, so if you plan on doing either anytime soon, don’t hesitate to reach out to me. I’d love to help you.