By Pat Lairson
The Pathway to Purchase Loan Program has been the lending choice for many Maricopa homebuyers in 2016 and 2017. This program grants the buyer 10 percent of the purchase price of the home, up to $20,000, to be used toward a down payment and closing costs.
There is no payback if you own the home for five years. This program has really opened the door for home ownership for many people who otherwise would not have been able to buy.
This may be the last call for buyers who want to use this program. The funds are scheduled to run out by end of March or early April. If you get prequalified for the program and are approved before the end date, you will still be able to use the program even if your house closes after the end date.
Many renters have become homeowners and even people who want to upgrade and keep their current home but buy a second home to live in sometimes qualify. There is a slight chance the grant program could be renewed, but there will be an end to this program.
The market as a whole has been moving in Maricopa. There are currently 273 active listings for sale in an HOA subdivision. Of these, 54 are in Province, the 55+ community in Maricopa, so this leaves 219 active listings for a buyer to choose from outside an active adult community.
One hundred twenty-nine HOA subdivision homes closed in Maricopa between Jan. 1 and Feb. 13. This is about a 12-percent increase in closed listings from the same time last year. The average days on market is 88, but most homes are selling much quicker than that.
There are only 32 non-vacation rental homes available in Maricopa. This creates a competitive rental market and can increase the rental rate for tenants.
If you are thinking about selling your home, choosing a local Maricopa Realtor who understands the local market will give you the edge you need for a quick sale.
Pat Lairson, Realtor
The Maricopa Real Estate Company