👨‍💼Housing Affordability Conditions Take a Hit in March

By
Real Estate Agent with Arizona Focus Realty SA634540000

💥Housing Affordability Conditions Take a Hit in March


 ☀️For ALL of Your East Valley AZ Real Estate Needs

📞Call or 🙋‍♂Text Brian at 480-773-2370

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With mortgage rates on the rise and earnings falling behind home price increases, is it a good time to buy a house right now? Learn more about home affordability in this interesting read!  To read the full article, click HERE.

 


I specialize in the East Valley of the Phoenix Metro area - Gilbert, Mesa, Chandler, Tempe, Scottsdale, Apache Junction, and Gold Canyon


☀️For ALL of Your East Valley AZ Real Estate Needs

📞Call or 🙋‍♂Text Brian at 480-773-2370

📨Email Brian  ~  Search the MLS for FREE

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Comments (23)

Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Good morning, Wayne Martin that is sound advice.  I can tell that you have yet to have an adult libation today, haha.

Jun 22, 2022 05:49 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

You are right Gwen Fowler-864-710-4518 SC * Mountain* Lake*Home we have been spoiled by low rates for way too long.

Jun 22, 2022 05:50 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

That is absolutely true Grant Schneider real estate runs in cycles and it will certainly change again.

Jun 22, 2022 05:51 AM
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

Good morning, Brian... housing affordability was going down in Charlotte for the past 12+ months due to ever higher home prices. Now it's further exacerbated by ever-higher mortgage rates. As of May 2022, our housing affordability index was down 22.8% year-over-year.

Jun 22, 2022 06:27 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Brian, affordability is in question, and many around Denver are unable to financially afford to buy a home now.

Jun 22, 2022 06:33 AM
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Condo and Home Specialists

With these new mortgage rates,  home buyers may be hesitant or not able to afford what they once were able to. Things are changing slightly.

Jun 22, 2022 06:42 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Good morning, Nina Hollander, Broker sadly everything is going up in price but wages are not going up so people are struggling.

Jun 22, 2022 06:53 AM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good morning Brian,

You can't blame buyers for being hesitate to buy a home now ..some have been knocked out of the market and others are anxious about out economy but homeownership is always a preferred route to go. Paying your own mortgage still beats paying your landlords!

Jun 22, 2022 06:53 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It's a shame that not much is affordable these days Joan Cox prices are going up while wages are going down, haha.

Jun 22, 2022 06:54 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

The mortgage rates are still good Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400 but if they are not good enough then buyers should have pulled the trigger when they were lower.

Jun 22, 2022 06:56 AM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Good morning, Dorie Dillard Austin TX I feel bad for those that have been kicked out of the market with rising rates but it's not like the rates were going to always stay that low.

Jun 22, 2022 06:57 AM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Good Wednesday morning, Brian.

Have a great day and a very productive week.

Jun 22, 2022 08:18 AM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Brian, 

Some markets are more vulnerable to the interest rate spikes than others, especially when dealing with first-time buyers.  Sedona has a lot of second homes and I am seeing 1031 exchanges are more prevalent especially right now. 

Jun 22, 2022 08:36 AM
Joe Jackson
Keller Williams Capital Partners Realty - Columbus, OH
Clintonville and Central Ohio Real Estate Expert

This is an excellent post with great information. Thanks for sharing it.

Have a super fantastic week!
Joe Jackson, Realtor-KWCP

Jun 22, 2022 09:12 AM
Rocky Dickerson
Realty One Group - Las Vegas, NV
Superior Service!

Like they used to say in AM Top 40 radio "And the hits just keep on coming"

Jun 22, 2022 11:00 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Brian even with the not so favorable conditions today, it is better to buy now than wait, because the odds are both rates and home prices will be higher by the end of the year.

Jun 22, 2022 05:36 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

It is interesting that you are seeing more 1031 exchanges in your area Sheri Sperry - MCNE®, am I correct in thinking that means more investment property activity in the area?

Jun 22, 2022 06:17 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

Thank you for the compliment Joe Jackson and I hope that you will have a fantastic week as well.

Jun 22, 2022 06:18 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I don't know that I have ever listened to AM Top 40 Rocky Dickerson so I will take your word for it, haha.

Jun 22, 2022 06:20 PM
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I agree with that 100% George Souto and if asked by a prospective buyer that is the advice I would give them!

Jun 22, 2022 06:21 PM