High prices lead to tough Phoenix subway housing market for buyers
PHOENIX – Home prices in the United States are rising at the fastest rate we’ve seen since 2005. A new home price index shows that prices jumped almost 15% in April from previous years.
Prices are rising so dramatically that home sales start to slow down because potential buyers cannot afford to pay these prices.
For the 23rd consecutive month, the Phoenix metro area is the hottest real estate market in the country, posting a year-over-year increase of 22.3%.
With these high prices, it’s a tough real estate market for buyers these days. A couple from Ohio are struggling to settle in Phoenix.
Nick Gibson and his wife moved to Phoenix in hopes of finding a home.
“The first weekend in May we packed the car … and drove her two dogs across the country. We came here knowing we wanted to buy a house. We’ve been renting in Columbus for about 10 years,” did he declare.
They expected to buy within four weeks, but it’s now been eight weeks and their Airbnb stay is ending soon.
“I don’t think we knew what we were getting into in terms of a competitive market,” he said.
They found a house to repair, so they made an offer, only to find that the inspection revealed many repairs.
“This is why it is so important to do inspections,” said Gibson broker Aaron Carter of the Carter Mosier Group at Home Smart.
Carter says to keep these tips in mind when looking for a home.
“Stay really true to your main goals, review them every two weeks and make sure you don’t move or move. “
Make a must-see list and stick to it.
“Remodeled kitchen, high ceilings… I’m a tall man, so that’s definitely a factor in our home buying journey,” Gibson said.
“It’s really important to see the houses. Go to every house that you think matches the numbers,” Carter said.
Above all, try to have fun and keep hope.
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