Real Estate Blog!

2020 is different than any other typical real estate year.  Holidays are normally a time when sellers decide to take there homes off the market until after new year.  Buyers lay low until they are ready to focus on buying a home and not shopping.  2020 is different because rates are so low, and homes are in such an undersupply there is no slow down in Arizona this year.

Just get a new puppy?  You are not alone!  Home buyers are changing the way they purchase homes.  Now that home owners have different needs,  they are looking for homes with land.

Check out homes for sale in Surprise AZ with an ACRE or more

There’s no doubt 2020 has been a very challenging year in Arizona. A global pandemic coupled with an economic recession has caused headaches for many people in AZ. However, it has also prompted more people in Arizona to reconsider the meaning of “home.” This quest for a house better designed to fulfill our current needs, along with record-low mortgage rates, has skyrocketed the demand for home purchases.

Current Surprise AZ home owners are taking their time putting their home on the market.  2020's record mortgage rates have created high demand for homes for sale.  Home buyers are challenged with getting out bid, and homes on and off of the market almost instantly. Some buyers have decided to put the home buying hold, and this could be a mistake, here is why:

National Association of home builder reports:

“The length of time spent searching for a home continues to grow.”

The report indicates that 62% of buyers now spend 3 months or more looking for a home, an increase from 58% one year ago.

Arizona home buyers were blessed throughout 2020 with super low mortgage rates.  Pushing home prices up and Arizona Home inventory lower.  Will home mortgage rates go up for 2021?

Some concerns in Arizona that the 2020 economic downturn will lead to another foreclosure crisis like the one we experienced after the housing crash a little over a decade ago. However, there’s one major difference this time for home owners: The Congress started the Cares Act in March 2020 that helped homeowners with federally backed loans. They kept the lenders from starting foreclosure and began forbearance programs.

When searching for a potential home, it’s easy to fall in love fast.  Often times, only the best pictures, which are almost all edited in some form, show up for the viewer to click through.  There is a story about how perfect the home is or how amazing it could be with a little bit of work.

Through all the challenges of 2020, the Surprise Arizona real estate market has done very well, and purchasers are continuing to take advantage of historically low mortgage rates. Realtor Magazine just explained:

“While winter may be typically a slow season in real estate, economists predict it isn’t likely to happen this year…Low inventories combined with high demand due to record-low mortgage rates is sending buyers to the market in a flurry.”

Working at home is not new in Surprise Arizona,  but it is now a lot more popular.  Companies trying to keep employees safe and away from large gatherings have been doing what they can to keep more and more people working from home.  This has changed what people are looking for in a home!

The Economic Impact of Buying a Home

November 12, 2020

When you buy a home, you're making an impact on our local economy. Let's connect today to explore your homebuying options together.