For homeowners in Surprise Arizona the market has been favorable for you, with home prices seeing nice gains. Here we are in March and buyers have been pretty much stopped by a backlog in appraisals, Volatile interest rates, and covid 19.
Sales of previously owned homes spiked in February, rising 6.5 percent over month-before numbers, according to new data released by the National Association of Realtors. The improvement made for the strongest month since 2007.
Costco on cactus broke ground, the 303 access to other interstates, Jobs along the 303, and low rates are going to keep Surprise homes on the map for great places to live in Arizona.
Residential single family retirement homes remain a smart choice if you want to own a home that could be potentially recession resistant. In the past home sales slowed down, but the amount of foreclosures in communities like Sun City Grand and Arizona Traditions were significantly less than traditional non retirement homes, in the last recession.
Because senior housing had signs of recession resistance, investors have made moves into more of the commercial independent living retirement type investments/homes. We have seen experts talk about this disrupting the normal way these communities react to real estate trends. We will see.
With boomers ranging from 55 to 75 years old right now, they are a significant force moving into retirement communities. This has a definite positive impact on both retirement and single level homes near retirement communities.
“February's sales of over 5 million homes were the strongest since February 2007,” Lawrence Yun, NAR's chief economist, said. “I would attribute that to the incredibly low mortgage rates and the steady release of a sizable pent-up housing demand that was built over recent years.”
Home prices and for-sale inventory were also up. But while the gains show the housing market poised for further improvement, current events are expected to slow that progress in the weeks to come.
Still, Yun expects demand to bounce back. “For the past couple of months, we have seen the number of buyers grow as more people enter the market,” Yun said.
“Once the social-distancing and quarantine measures are relaxed, we should see this temporary pause evaporate, and will have potential buyers return with the same enthusiasm.”