Realtor Rusty Blair | Owner of Blair Realty

HOW ARE PEOPLE BUYING HOMES RIGHT NOW?

With interest rates almost 7%, how are people in Arizona buying homes right now? Over the last few months, I have had this conversation numerous times. How are they doing it with rates so high? Well, they are buying them, just not at the high interest rates.

Let me explain. The way that buyers are purchasing homes for sale in Arizona are right now, is the sellers are buying down the interest rates for buyers. Not only has this been my personal experience as a Realtor in San Tan Valley and Queen Creek Arizona, but it is also what the data shows. Recently I looked up 20 homes for sale in a neighborhood in San Tan Valley. Out of the 20 homes sold, the sellers contributed to the buyers closing costs in all but three of them. Not only did they pay enough for the closing costs, but they also paid enough to buy down the interest rate for the buyers as well!

IS IT A GOOD TIME TO BUY REAL ESTATE IN ARIZONA?

Many people are sitting on the sidelines waiting for the market to either crash or for interest rates to come down. The truth is if you want to buy a home in Arizona, it can make a lot of sense not to wait! Right now, sellers are willing to negotiate the price on the home, and contribute generous amounts to cover your closing costs and buy your rate down. This is a huge benefit to you as a buyer, because you are buying the home at a lower price, and still getting a much lower rate! That is a wonderful combination that good realtors are able to help you get, every time in today’s market.

If you want to learn more about how you can get a great price on a home with a low interest rate, call or text me anytime at 623-687-4580.