By David Baker
1st reason it is a good time to be buying a home in Laveen or South Phoenix is that inventory levels are going up. Yes, increased inventory means more selection for you home buyers ready to start looking. It also means that with more homes on the market, you likely will not have to compete with other buyers or as many other buyers for the same Laveen or South Phoenix home. For most of 2013 buying a home in Laveen or South Phoenix could prove challenging because of the low inventory and amount of competition for the homes. It was a common occurrence to have multiple offers on one property, with most properties being sold over ask price and for cash buyers. Times are changing.
2nd reason it is a good time to be buying a home in Laveen or South Phoenix is that interest rates are still great!! While we did experience some really incredible interest rates in 2013, 2014 is starting the year with great rates as well. Not sure many buyers realize, but you could get an interest almost half of what interest rates where back in 2007. So take advantage of your purchase power right now, and begin your home search today.
3rd reason it is a good time to be buying a home in Laveen or South Phoenix is seller contributions to closing costs. In most of 2013, because of the low inventory and high competition concessions to buyers where all but non-existant. With inventory levels rising buyers now can likely get concessions from sellers toward their closing costs. Why is this good? In short, it will save you money you’d have to pay in order to secure your home loan, and it will be paid by the seller if they agree to concessions. Again, chances for concessions are better because inventory is up, and sellers now will begin to compete for the buyers.