If you are a first-time home buyer in Phoenix, you’ve likely noticed how tough it is now to get your foot in the door. Homes for sale under $300K disappear from the MLS before you can pick up the phone to schedule a showing.
Entry-level buyers need to sharpen their pencils in this market in order to be competitive.
I had an opportunity earlier this month to talk about the challenges for new buyers in this market with Catherine Reagor. Catherine is the senior real estate journalist for The Arizona Republic in Phoenix. We discussed the headwinds for first time home buyers around metro Phoenix. Issues are:
- rising mortgage rates
- rising rents since 2012
- competition from investor-purchasers
- tight single-family housing inventory under $300K
VIDEO: Catherine Reagor, housing reporter for azcentral and David Meek of Keller Williams Arizona Realty discuss tips for Phoenix’s first-time homebuyers pic.twitter.com/DRS8wmTk8A
— azcentral (@azcentral) June 18, 2018
Catherine Reagor’s real estate news column covers a wide variety of topics for residential buyers and sellers around the Valley. An archive of her recent articles in The Arizona Republic is available here.
The most critical factor subduing the demand for housing is that home ownership is no longer seen as the great, long-term buildup in equity value it once was. – Mort Zuckerman, Canadian publisher and magazine editor