The housing market is changing every day. It feels like yesterday that the market was in recession and houses could be purchased under valued. However, in today’s economic climate, finding aggressively-priced houses is getting harder and harder. Millennials, who are beginning to start families of their own, are steadily outgrowing the city apartments to which they typically flock to. What is it like to buy a home in these conditions?
If you’re looking to switch from a downtown condo to a safe suburb, your equity should go pretty far. Small homes have a sharper growth than larger ones, and urban areas have appreciated much faster than their metro outskirts. This means that 2017 will be a great time to buy a home.
With a wide range of locations and market segments, it can be hard to decipher. It comes down to this: first-time home buying is more difficult, but not impossible. For a family that is just starting out, we’re in a housing market sweet spot where larger, 3-4 bedroom homes will get you more value than 2 bedroom homes. Because you’re well positioned as a buyer, you want to walk away with as much money as possible put into the down payment to make it easier on you and your growing family in the long run.
If you are aiming for a 2 bedroom home, be flexible. If you are in the market for a starter home, you face a tight market with competition that will steadily increase as we approach 2020 and millennials age up. For families, the more flexible you are, the more options you have.
For instance, if you’re willing to move farther from the city, you will find more valuable homes for the price, considering the urban outskirts are a lot more expensive. Additionally, families who are willing to make a few upgrades to get to their favorite home will get an even better deal. This is ideal for anyone who is willing to have longer commutes and the bare necessities while they save up to increase the value of their home.
If you’re ready to buy, now is a good time to pull the trigger on financing, since the record-low mortgage rates seen in 2016 aren’t expected to last. Average rates could rise as much as half a percent in the next year. This means that there’s no reason not to buy a home in 2017. If you and your family are looking to move to Arizona, check out our available homes now.
