Thinking now is the time to buy a home in Arizona? National mortgage rates, still low relatively, rose for the third consecutive week last week and are now at the highest level since 2013. Rates rose from 4.47% the week before. Interest rate movement is being affected by rising yields on US Treasury Bonds affected by rising commodity prices and boosting inflation expectations.
Loans are still being approved and Down Payment Assistance in Phoenix is available
Althought the higer rates cut into the affordability of a home, the 4.58% is still below 5% and still closer to historic lows than highs.
Home prices in the Phoenix metro area of Arizona are still increasing but median prices are still in the $250s in many communities for a single family detached home, making a home much less expensive than other western cities like LA, San Francisco, San Diego and Seattle.
Even with the slightly higher mortgage rates, it may be a good time to buy a home and expect appreciation in the Phoenix metro area of Maricopa County. Why? People are moving to the area at the clip of 6,000+ per month. Maricopa County in Arizona is the most populated County in the US and is the fastest growing per the United States Census Bureau. This is an opportunity for home buyers to buy now with median home prices in the $250,000 range and look for appreciation as demand for housing continues to rise.
Median home prices in the Phoenix metro area are about $250K
Still the BULL: Population Growth in Maricopa County, Arizona
July 1, 2017, (2017) 4,307,033 with an increase of 73,650 from 2016
Followed by Clark County, NV and Riverside County, CA and several Texas counties, the Phoenix metro area of Maricopa County is the Bull. The 73,650 increase is an average increase of populaton of 6,138 people per month.
Maybe it is time for you to consider Arizona Homes For Sale or Homes for sale in the Phoenix metro including Scottsdale.
If you are looking to move to Phoenix including Scottsdale or to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and Realtor. I would be pleased to help you and look out for your best interests while finding you the right home at the right price!
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