Arizona is the fastest growing state in the nation according to the US Census Bureau and this is certainly reflected in todays housing market. I specifically write about the city of Maricopa, but know that there is a housing shortage across the state in Arizona.
Maricopa has never seen such a shortage in the history of its founding with only 87 single family homes available for sale today. This is just about a 10 day supply which means if another home did not come on the market for sale, we would have no homes available to buy in 10 days. This is critical. I believe the two main factors causing this shortage is that some sellers have been hesitant to list their homes at this time yet the influx of buyers have not stopped.
What does this mean to the home seller? For the person that is ready to move from Maricopa or into a different home in Maricopa, you could not have picked a better time to sell your home. The average days on market right now is 43, meaning from the time you list your home until the day you close it should take about 43 days. The average time for the escrow process is between 30 and 45 days so you can see homes are going under contract quickly.
Prices are inching up, but appraisers still look at a six-month history of comparable homes to determine the home value, so prices are increasing slowly.
What does this mean for buyers? If you are looking to buy a home right now you must be prepared. This means you must be prequalified and the less help you need from the seller for closing costs the better chance you have of making an offer and getting the home. Maricopa still has affordable housing compared to many parts of the valley and with interest rates still hovering around and under 4%, buying a home still makes sense. There are some new builders coming to town too like Wade Jurney, Centex just purchased 230 lots near Copper Sky, Gehan Homes will be building in Homestead, Richmond American, Gehan and Meritage will be building out The Lakes at Rancho El Dorado. If you are interested in buying a new-build, bring your Realtor with you, it costs you nothing and will save you money to have your own buyer’s representation.
What does this mean to the renter? If you are renting a home right now it would be prudent of you to look into what it would take for you to buy a home. With some diligence, you can increase your credit scores fairly quickly and with a good credit score of 640 or better, buying a home may be easier than you think. There are only 5 homes available to rent right now in the city of Maricopa. Many landlords are selling their homes as leases expire and renters are experiencing a true rental crisis. Many renters are having to leave Maricopa if they want to continue to rent a home. We are still about a year out before the first apartment development will be completed.
Don’t be caught by surprise if your lease is coming up for renewal. Planning ahead will save you money and stress. There are lots of moving parts when planning a move. In any of these scenarios having a trusted local Realtor that can help you navigate thru the market and process is priceless.
Pat Lairson is a Realtor with the Maricopa Real Estate Company. Contact her at 520-280-5862.