February Market Update

IS 2019 A GOOD TIME TO BUY A HOME IN PHOENIX?

This is a hard question to answer across the board, because there are so many
personal factors involved. But from a market standpoint, 2019 could be a great time to buy in the Phoenix area.

Here are some of the reasons why:

• Mortgage rates are still hovering at historical lows. As of mid-January 2019, the average rate for a 30 year fixed mortgage was 4.45%. That’s a great opportunity for home buyers. But rates are expected to rise later this year.

• More inventory has come onto the market over the past year, giving buyers more properties to choose from. This is good news for those who plan to enter the market sometime during 2019.

• Loan limits have have been increased for the entire Phoenix metro area. Federal housing officials increased the limits for conventional, VA and FHA loans. This means borrowers have a higher level of financing to work with, without having to cross into “jumbo” mortgage territory.

• The U.S. economy is stable with record low unemployment levels. Similarly, the job market in Phoenix has improved over the years. This gives buyers both the income and the confidence they need to make a purchase.

By: Brandon Cornett
In Home Buying Institute, Excerpt from “Phoenix Housing Forecast for 2019: A More Modest Year Ahead?