By Pat Lairson
It’s a new year, and everything is looking up.
According to the Consumer Confidence Board, there is a 6.3 percent increase in consumer confidence since November 2016. This translates into more consumers being optimistic about the economy, their jobs and spending money in general.
Consumer confidence certainly has an effect on the real estate market. If a person feels secure in their job and their financial future, they are more apt to commit to something as important as a mortgage. All indicators show a very steady growing real estate market for 2017.
Interest rates have inched up slightly for some lending programs and seem to be staying there, although still very lows. Both down payment assistance programs available for Pinal County changed their criteria to the buyers’ advantage. For example, you can own other real estate at the time of closing now and still receive 10 percent of your purchase price toward your new home. If you are renting or ready to upgrade into a larger home, this is the time to check into this program!
We closed 2016 with all real estate market numbers showing an increase. (See chart at InMaricopa.com/Real-Estate.) Ten percent more homes sold in 2016 than 2015, and the price of homes sold was 8 percent higher.
New builders are coming to town and current builders are buying lots in unfinished subdivisions. Fulton Homes is going to be building again in Maricopa. They have purchased up to 400 lots in the Glennwilde subdivision off Porter Road and in the interior section of Glennwilde off Honeycutt Road.
Their models should be completed by early fall, according to Fulton’s corporate office.
Historically, new listings will increase in January as people wait until the first of the year to put their homes on the market. Ending 2016 we have about 291 single family homes available for sale, which is just under a 60-day supply.
Pat Lairson, Realtor