The Arizona economy is recovering and the leading force is our thriving real estate. According to statistics from ARMLS, September Sales are up almost 5% Month over Month, and over 18% year over year comparison. New home inventory is helping and up almost 15% year over year.
People are looking at homes differently, especially since they are working from home, and taking on new family members. Pet adoption and sales are creating a shortage of puppies. While adoptions and dog sales are up, giving people companionship while social distancing. This is changing what people want in a home, instead of being close to work, they want office/den space. Open floorplans, more yard, and further away from the city.
According to Freddie Mac "The record low mortgage interest rates is providing support to the economy at a critical time, as housing continues to propel growth"
According to NAR the real estate economic impact has provided 3.7 billion dollars to the economy last year. New homes contribute over 80,000 per home built to the Arizona economy.
Experts are forecasting the real estate growth to carry into 2021, making it a great time to buy/sell and take advantage of the great mortgage interest rates. Of course we have factors that could change this market. Rates move up, prices will level. Buyers will have to buy less expensive homes, and sellers will have to make adjustments to the market. The other factor is the amount of homes in forbearance. Although the experts have a very optimistic outlook for the impact of forbearance homes on the housing industry. we have to make sure we buy homes we can afford if prices go up or down.