What Arizona Home Buyers Need to Know About the 2023 Market – The real estate market can be tricky to navigate for buyers. Depending on your specific wishes, it can seem stressful or disheartening if what you are looking for isn’t available. It is so important to be patient and willing to have a flexible timeline because, in the end, it will be all worth it when you settle into the home of your dreams. The real estate market is ever-changing and shifting. Working with an experienced agent who can come alongside you with the current information and help you navigate the market is key to your home search success. Keep in mind, your agent can only present you with what is available, so be patient and willing to adjust criteria if need be.
What Arizona Home Buyers Need to Know About the 2023 Market
The Mesa Arizona market today is fairly hot. The market is currently leaning toward sellers, which means they have the upper hand when it comes to a home sale transaction. Some sellers are willing to accept contingencies or concessions. We did not see this a year ago. This can be because a seller needs to move on quickly and they are more flexible. Due to the low supply, home prices are higher and several property types can be challenging to find. The. medium home price in Mesa, AZ is up almost 5% compared to this time last year, however, homes are sitting on the market for a longer period and many believe this is due to the higher interest rates that are contributing to more hesitant buyers. When interest rates drop we will see an increase in buyers and quite possibly prices.
Manufactured homes are a great find and are commonly located in a community. Often senior citizens looking to downsize are focusing their search on a manufactured home community. Manufactured homes are sold in a couple of different ways. You can have ownership of the home and lease the land or you can have homeownership and land ownership. When you purchase a manufactured home, you rarely own the land as well. Most communities require their residents to lease the land where the manufactured home is located. With the current market and low supply, this can make it even more challenging to find a manufactured home and land ownership property at your desired price.
Single Family Homes
Single-family homes are the most desired home type for first-time homebuyers and even second-time homebuyers looking to upgrade from their first home. These homes are the most commonly available homes on the market today, however, there is still more demand than the available supply. Homebuyers are facing the reality that they may have to give and take when it comes to their home desires.
Multi Family Properties
Multi-family properties are usually sought after by investors. A multi-family property can consist of a duplex, triplex, apartment, or condominium unit. These property types are available in the current market; they may be a bit lower in price than a single family home but have much higher HOA fees. They seem to be increasing in price at a higher rate than single family homes.
So, Is It A Good Time To Buy In Mesa, AZ?
This question is always difficult to answer because it has a lot more to do with your situation and financial readiness compared to the current market and interest rates. It is best to work with your lender and trusted agent to evaluate your finances and home-buying desires. When you select your lender and agent to assist you with this process, make sure you are working with someone who will be honest about the current market, so you can have a realistic viewpoint on your search.
Even though the market can be challenging, it is always a good idea to get the advice and expertise of a real estate agent. The real estate market is ever-changing and challenging at times. If you would like more information and guidance on buying, selling, or investing in Mesa, AZ, contact me.