Why move in a shifting market?
Buying a home is one of the biggest decisions you’ll ever make. Whether it’s your first home or moving to another home, Russ Lyon Sotheby’s can help make the transition as seamless as possible.
As you’re contemplating this decision, you might be hearing the term “shifting market.” What that means is that after years of high buyer demand, competition, low inventory, and low mortgage rates, the real estate market is changing fast. At Russ Lyon, we don’t want you to panic or think you’re priced out of the market as a result.
While mortgage rates and home prices are rising, consult with a Russ Lyon agent to learn if these factors will play a major role. Most likely, market factors shouldn’t impact your plans. We don’t know what the future holds but keep in mind, the record-low mortgage rates we recently experienced are not the norm. So far this year, rates have gone up over 2% due to inflation which is at a 40-year high.
Advantages of Buying
Those interest rates, most likely, will continue to rise. The advantage of buying a home is it allows you to stabilize your housing cost. A fixed-rate mortgage allows you to lock in your monthly payment. That’s not the case if you’re leasing or renting.
Experts predict home prices will keep going up. So, that’s why it’s important for you to purchase a home through Russ Lyon Sotheby’s International Real Estate before mortgage rates go up again. However, more homes are coming on the market, meaning you have a greater chance of finding one you like in your price range. The other advantage of buying is that homes appreciate and your equity (current value of your home minus what you owe on the loan) and net worth grow as a result. A home owner’s net worth is significantly higher than a renter so real estate is a strong investment.
Motivating Reasons to Move
With the rising interest rates, affordability and purchasing power are impacted. So, why move? One reason is a need for more space. Some people want more space for entertaining, more storage, and a larger yard. Whatever the reason, Russ Lyon Sotheby’s can help you find your next home within your price range.
Statistics show many want to be closer to friends and family with many people relocating within 30 miles. In fact, about 32% moved closer to loved ones. Only 15% of more than 32 million moves were across state lines in the U.S. People also want to live in affordable cities with nice climates
In looking at migration patterns, moving.com lists Arizona in the top 10 of population growth at 11.88%. Phoenix is listed in the top 25 cities people are moving to.
If you’re thinking of moving, whatever your reason, be sure and contact me at Russ Lyon Sotheby’s so I can assist you in finding a home in the right neighborhood at the right price.