If you’ve considered upgrading your current living conditions and are looking to the real estate market in Phoenix for your next home, you might want to start acting fast because you’re not the only one with the same idea. Real estate agents in Phoenix and throughout the country are predicting that this will be a record year for homeowners to purchase a new home that better meets their current lifestyle.
Thanks to ever-improving home prices, increasing interest rates and a decrease in distressed inventory, the real estate market in Phoenix is a promising place for both buyers and sellers right now. If you are a seller that is also looking to buy, now is the time for you to start shopping the real estate market in Phoenix before the other current homeowners come to realize this fact as well.
While it may be enticing to stay in your current home a bit longer, watch the property value rise and build up more equity, it may come back to haunt you when you begin looking for your new home. Increased interest rates, a decrease in inventory and rising property values could actually end up costing you more than they would if you buy and sell on the real estate market in Phoenix right now. If you look at home values and interest rates for current conditions of the real estate market in Phoenix and compare them to what is projected for next year, the difference in your mortgage payment is hundreds of dollars a month. Is watching the property value rise on your current home really worth it when you could potentially save a few thousand dollars a year?
Right now is the perfect time to be an active participant in the real estate market in Phoenix as both a buyer and a seller. Take advantage of both sides now so you don’t end up buying or selling in a market that is advantageous to only one side of the transaction.