If you are considering buying a home in the Phoenix area and wondering which time is the best to make an offer, this article is for you.
Selecting an appropriate time and right real estate agent can make all the difference in your home hunting process. For example, if you buy your home at the right time, you can reduce thousands of dollars from your overall expenditure on the new house. Likewise, the right real estate agent like Auction Flippers can get you the perfect abode for you and your family.
This guide will tell you the best time for making offers in Phoenix, how to buy a good property in the area, and how you can be assured that you’re making the right decisions.
Let’s dive in.
Time of the year and House Prices
If you’re wondering how the time of the year induces an impact on the property prices, let us explain it to you.
Homebuyers often tend to predict the trend in the values of homes by paying attention to the mortgage rates. However, certain factors may and may not affect the prices of the homes in an area, such as seasonality.
For example, the inventory or the number of houses for sale is usually abundant in spring, and the overall competition among the buyers often leads to an increase in the prices. On the contrary, home prices are at their lowest in winters as there are limited homes in the inventory, and moving in during this period is also difficult.
In Phoenix, you can observe monthly changes in the housing inventory, mortgage rates, and market trends. For example, the prices were highest in May this year and lowest in November.
However, these influential factors are not always effective as several other factors like broader market conditions and your personal finance conditions play a big role in your home buying. Therefore, the overall crux of selecting the “right time for buying a home” is – it all depends upon your priorities and financial situation.
The Best Time of Year to Buy a Home in Phoenix
If we talk specifically about the best time to purchase a home in Phoenix, we would have to understand the inventory details of the area.
Unlike metropolitan cities, where you can find lots of new houses available for sale in the spring season, Phoenix has more homes listed in the months of January, March, and April. On the opposite, you will find the least number of homes in July, November, and December.
According to home buyers’ data in Phoenix, most of the buyers bought their homes above the listed prices in April, May, and July. Whereas in October, November, and December, people rarely bought a house above the listed price.
In short, late fall is the best time to grab a good deal for a new home in Phoenix. Most home sellers want to move before the holidays, and it allows you to get the home in a profitable deal. Also, you don’t have many competitors as there are fewer buyers during this time.
How to buy a home in Phoenix?
Once you have decided to move to Phoenix and fixed the time of the year you will get your home, the next step is to actually get your home.
Here are the 5 simple steps to buy a home in Phoenix.
1) Note Down Your Needs and Fix Your Goals
Make a strong assessment of your needs, requirements, preferences, and your financial situation to decide what kind of house you exactly want and can afford. These priorities will help you and your agent choose a home for you.
2) The Best Places to Buy a Home in Phoenix
If you are new to the area and have just decided to move to Phoenix, then here are the top 5 areas for you to buy in the region-
- Gilbert is a wonderful place to live with clean and safe surrounding friendly neighborhoods. It should be your priority if you have kids, as Gilbert is popular for excellent public schools.
- Chandler is an incredible location, especially for those who love to travel and want to enjoy their lives. The place is close to the SkyHarbour Airport and has several restaurants, shopping spaces, and public schools.
- Litchfield Park is a small suburb with historical value, outstanding schools, and excellent for family living. Also, it is close to a golf resort.
- Paradise Valley is a nice suburban area with a small population and excellent quality of living.
- Scottsdale is another option you can consider if you plan to shift to Phoenix. It is a nice city close to Phoenix and offers all the amenities for raising a family.
3) Find a Great Phoenix Real Estate Agent
Buying a house is a huge financial investment, and you don’t want to do it yourself. So, the next step to buying a great house in Phoenix is finding a reliable real estate agent.
Auction Flippers help you find the right house at the most suitable prices. Our experience in the industry, market expertise, knowledge about Phoenix real estate, and supporting service will help you select your dream home at exceptional prices.
4) Find a Lender and Secure Financing
Applying for a mortgage is the most significant step of the home buying process as it will decide how much money you will spend on your home.
When looking for lenders, consider one with the lowest mortgage interest rates. Then, do some research, compare several options, and save thousands of dollars in the long run.
5) Negotiate for the Best Possible Price
Once you have discovered your dream home and make thorough inspections of the house, the last step is to make an offer. If there are several contenders of the property, you must make the buyers a transparent and attractive offer.
For that reason, ask your agents to help you in the negotiation and if all the things go well, sign the agreement.
And finally, you’re welcome to Phoenix!