About a month ago I shared with you the current inventory of homes for sale in Maricopa County, based on the Arizona Regional Multiple Listing Service (MLS) data. If you remember I was shocked to report roughly 25,000 homes available for sale. Well, as of today we have dropped down even lower to a staggering 22,750 available inventory!

As I predicted in the previous blog we are now seeing multiple offers on properties that are newly listed on the market. As we all know, the basic rules of supply and demand, multiple offers will drive the sales price up – which results in an overall improvement to property values and hopefully bring some much needed stabilization to our market.

Interest rates are still holding steady around 4.5% for a 30 year fixed loan. If you have been waiting to buy – think again. Based on an $80,000 purchase, using the purchase price as the loan amount on an FHA loan, the principle and interest payment is $405.00 a month. Even if we calculated in the additional monthly expenses for mortgage insurance, property taxes and hazard insurance we will still be at a far lower dollar amount than you can rent for in today’s market.

If you have been waiting to see what the market is going to do before you make a move, you may want to consider now before you miss out on the best pricing we’ve seen in 10 years. Call me today to get started!