By Pat Lairson
What is happening with the real estate market in Arizona? Are we in a bubble? Will there be another crash? Is buying a home a good investment?
Ask 10 people these questions and you may very well get 10 different answers. The good news is you don’t need to guess or listen to rumors if you are trying to decide to buy or sell a home. There are enough statistical facts a Realtor can provide to you that will help you make an informed decision. Let’s look at some numbers for the Maricopa real estate market.
There are approximately 272 single family homes actively listed for sale on the MLS in Maricopa. The average list price of these homes is approximately $101.55 per square foot. The lowest-priced home is listed at $135,000 and is 1,191 square feet in size. The highest-priced home is listed at $439,900 and is 3,954 square feet. There are 283 homes currently under contract or in escrow waiting to close.
Since Jan. 1, approximately 461 homes sold in an HOA subdivision in Maricopa. We have about a 47-day supply of homes on the market. So what does this mean to the person that wants to sell their home? With a lower inventory and higher price per square foot, if you have been thinking about selling your home, now is a good time to do it.
For buyers, interest rates are still holding steady and depending on credit scores and other factors a buyer can still get an interest rate at or under 5 percent. If you are renting and your lease is ending in the next few months you really should look into buying.
The rental market in Maricopa is off the charts! There are only 27 homes available to rent, and most homes are getting multiple applications. Rental prices have increased dramatically, too, with the average rental price being about $1,200 per month.
There is still a down payment assistance program for Maricopa called Home Plus that can give you up to 5 percent of your purchase price with no payback clauses. If you own a home already and want to upsize or downsize you are in a win/win position.
Get the facts. Don’t let fear or rumors stop you from moving in the right direction for your future. If you want more detailed information about your specific situation, a Maricopa Realtor can provide that for you.
The Maricopa Real Estate Company