By Alejandro Rojas
Although some markets in the Phoenix area are going wild and prices are climbing steadily, things move a bit slower out here in east Mesa. Home values are not increasing as quickly, but sellers are getting closer to what they are asking. The number of homes available for sale has also dropped a bit, and with increased interest rates on the horizon, it is best to buy sooner rather than later.
If you want to snatch up a home closer to the city, you need an agent that is on their toes. Prices are rising, and homes are going fast. There are also not many homes available in some neighborhoods. However, in East Mesa home buying and selling is not so frantic. Home values are not increasing as quickly as they are closer to the city, but they are up. January to April saw an average home sale increase of about $40,000, but prices have remained steady over the summer.
Although home values have not increased in the last few months, sellers are receiving closer to what they are asking. In January home sellers were getting on average just above 96 percent of what they were asking. That has increased to slightly under 98 percent in June. This increase is likely because inventory is low. This means that although it is hot out, it is still an excellent time to list your home. Although home values have plateaued, the lack of homes on the market makes your home more desirable.
As for buyers in east Mesa, it is also a good time for you to be in the market. With home values remaining where they are, it might be good to snatch something up before prices increase. They are more likely to increase than decrease. The real estate market slows down in October going into the holidays and then spikes in January. However, there is another consideration for buyers, and that is interest rates.
The higher your interest rates, the less of a home you can afford. More of that loan is being taken up for interest, and there is a roof to how much you can afford. So, you get more home for your loan with lower interest. Home prices plateauing, for now, and interest rates remaining low, for now, makes this an excellent time to purchase a home. I am reminded of two of my favorite sayings, “There is no time like the present,” and one of my mother’s favorites, “You snooze, you lose.” Contact me if you have questions or would like help.
Alejandro Rojas. (Special to Nearby News)
