The Surprise Arizona real estate market is expected and could do very well this year as mortgage interest rates remain at historic lows. One thing real estate experts are discussing in the housing industry is the lower amount of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available real estate housing inventory in two years. The report explains:
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:
George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:
The question is: What does this mean to you?
If You’re a Buyer…
Be patient while searching for a home. It will and may take time to find a home you love. Once you do, however, be ready to move forward. Get pre-approved for a home loan, be ready to make a competitive offer from the start, and understand that if more of a shortage in inventory could lead to the resurgence of bidding wars.
If You’re a Seller…
Depending on the area that you are selling in, realize that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – especially if you have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.
These numbers are general, they are not for every market, and not for ever neighborhood. We can help you decide what the impact is on your home/neighborhood.
There’s a current narrative that owning a home today in Phoenix AZ is less affordable than it has been in the past. The reason some are making this claim is because house prices in Phoenix have substantially increased over the last several years.
It’s not, however, just the price of a home that matters.
Real Estate in Phoenix AZ, in most cases, are purchased with a financing with a mortgage. The current mortgage rate is a major component of the affordability equation. Mortgage rates have fallen by over a full percentage point since December 2018. Another major piece of the affordability equation is a buyer’s income. The median family income has risen by approximately 3% over the last year. In Arizona the Department of numbers shows +3.68% for Phoenix 1 year change, and +11.20% in the last 3 years.
The National Association of Realtors (NAR) releases a monthly Housing Affordability Index. The latest index shows that home affordability is better today than at almost any point over the last 30 years. The index determines how affordable homes are based on the following:
“A Home Affordability Index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index of 120 signifies that a family earning the median income has 20 percent more than the level of income needed pay the mortgage on a median-priced home, assuming a 20 percent down payment so that the monthly payment and interest will not exceed 25 percent of this level of income (qualifying income).”
The higher the index, therefore, the more affordable homes are. Here is a graph showing the index since 1990:
By the end of last year, many homeowners in Arizona found themselves with more equity than they thought they had, and they have been seeing wages increase. When those two factors unite, it can spark Arizona homeowners to think about making a move to a larger or more expensive homes in the luxury real estate market. That said, now is a perfect time to take a look at the forecast for the 2020 luxury market in Arizona.
Yes! That is the correct answer. The Arizona real estate market is going up or down. We have no way of 100% predicting the future. Keep your monthly payment affordable. This will ensure a market correction, change, or recession will not hurt so bad or at all. Many people that weathered the last real estate recession ,are the ones moving up right now. They finally have a great opportunity to take the equity and move up!
What are you doing today to cut energy costs?
It is National cut your energy costs day. Set up to bring awareness to consumers. So you can explore your options. Also to do routine maintenance on your home to cut costs.
Things I have done in the past to cut energy costs, I don't recommend you do these yourself. Maybe use a contractor or if you are handy go for it.
I can get into home projects, so most of these were small projects. The big project was the evap cooler. It is not like a traditional setup where it blows out of a giant duct/hole in the hallway. The Evap unit is now ducted into the a/c ducts and keeps all the bedrooms cool. This only works in some cities where the humidity is lower. A friend of mine in buckeye AZ, did a similar set up. His home does not get as many dry enough days per year, but it still saves him a lot of money. So far the in Surprise AZ, the climate is dry enough for an evap cooler to save energy.
It is amazing how much energy you can save if you track your usage. I started with a big electric bill, unplugged the air compressor in the garage, and the numbers went down. Then it became a game. I would try unplugging cordless drill chargers that I left on full time in the garage. Removed the alarm clock and use my cell phone as an alarm clock. All these little things add up.
You’ve worked hard all your life, and you’re finally ready to reap the rewards you deserve. Travel, golf, and year-round sunshine make for a happy retirement, and it’s easier than you think to make it happen. The “snowbird” RV lifestyle is both affordable and flexible, allowing you to follow the weather, and stay as long as you like.
The premier snowbird destination in the United States is Arizona, and the Happy Trails Resort in Surprise AZ has a lot to offer. Happy Trails Resort is a well established gated community that caters to people 55 years old and older. The community offers a flexible lifestyle for those who wish to travel and retire in style. The community has many resort-style amenities, and you’re free to rent or buy an RV lot to spend the winters in comfort. The resort lifestyle at Happy Trails is both flexible and affordable.
Nestled in the northwest corner of the Phoenix metropolitan area, Surprise is one of the best small cities in the Phoenix area; it’s safe, clean and has high scores for shopping, entertainment, and medical care.
An RV lot at is more than a simple slab of concrete with hookups; An RV lot requires that a recreational vehicle is parked on the lot whenever it’s occupied, but it also allows for another living space. You’re free to build an Arizona room, a storage shed or a workshop on the lot. Lot ownership means you have Arizona residency as well as a home-base. It makes spending your winters in sunny Arizona very comfortable. And if you wish to spend the summers in a cooler climate, you can rest assured your Arizona home base is safe, with Happy Trails 24/7 security patrol.
Happy Trails Resort Surprise AZ is an easy golf cart drive to the adjoining Great Eagle Golf Course. Likewise, the community is right next door to the Arizona Traditions Golf Course and a short drive to the Sun City Grand golf course. There’s a lot more than golf here too; Happy Trails Resort has an Olympic-sized swimming pool, hot tub, sauna, tennis courts, a fitness center and a whole lot more. This is not an RV park; it’s not for overnighters, it’s a secure community for snowbirds who wish to own property.
You’re free to securely pursue your dreams when you buy property in warm and friendly Happy Trails Resort, in sunny Surprise AZ.