By Pat Lairson
I was reminded again of why I chose to live in Maricopa last week. I took a buyer out to look at properties in a very nearby city. We were looking at homes under $250,000, and everything was a fixer-upper.
Some of the properties we viewed in that price range were townhomes with little to no backyard, and most required major updating. There really was no comparison in what you could get for $250,000 there versus in the city of Maricopa. Let’s face it, home prices are still what drives most people initially to live in Maricopa.
It is true, most people have to commute for work and there are not as many amenities here as in surrounding cities. Maricopa is a growing city, though. Mayor Christian Price came and spoke to our office meeting about some of the upcoming projects slated for our city. Local Realtors are often on the frontline in knowing about new projects, developments and growth.
The two most current projects are the railroad overpass and the new center going up next to Fry’s on John Wayne Parkway and Edison Road. There are some other great projects coming to Maricopa, but since they are not fully developed, we only were able to learn about them in part. Decreasing traffic on the 347, more commercial space and creating more jobs is a priority as part of the economic development for this city.
In this current real estate season, there appears to be more full-time primary residents buying homes. These are people living here year-round. The number of active listings in a subdivision is down to about 390 single family dwellings for sale. The average listed price is about $93 a square foot. Most home prices are always negotiated, so the average sold home price this past month closed at $86 per square foot. That is just about a 10 percent gain over last year’s average sold price.
The lowest price home in a subdivision at this writing is $110,000 and the highest priced home listed in a subdivision is $455,000. The rental market still has a low inventory of choices, making it difficult for those renters to find a new home once their lease is up. If you are a renter and have a credit score of 640, The Pathway to Purchase loan program is helping renters become buyers and when the funds run out, the program will be over.
Interest rates are still low and if you are interested in knowing what your home is worth to refinance or to list, please call a local Realtor.