Best Time To Buy A House In Arizona

When Is The Best Time To Buy A House In Arizona?

One way to ensure the home buying process is as simple as possible is to shop at the right time. Now, of course, this can be a tricky thing to figure out. Arizona, unlike most other housing markets, has varying housing prices and mortgage rates by the month. Housing prices in Arizona were at their lowest level in the month of May during 2021, for example. Homes were listed at an average of $40,000 less during May than any other point this year. November was actually the month with the highest housing prices in the valley of the sun.

Arizona’s real estate market is truly unlike any other market in the country due to its harsh summers and mild winters. Most homebuyers do find better deals in the summer because the area is less desirable at that point in the season. While most of the country has lower prices during the winter, the exact opposite is true in Arizona. Currently, Arizona is categorized as a seller’s market, meaning you’ll likely face a lot of competition when bidding for a new home.

The best time to buy will really depend on both the market and your specific situation as potential homebuyers. The first step towards home ownership is getting preapproved by a licensed lender. Even after you have been preapproved, it’s still possible to find lower rates that can pay dividends over the life of the loan. Look around at as many options as possible.

Buying A House In Winter

Across the U.S., the housing market tends to slow down during the winter. Only a state like Arizona will actually see an increase in home sales during these months due to its unique climate. In the majority of the country, people are less motivated to move or sell during the harsh winter conditions. Both inventory and demand are typically low at this point of the year. On the plus side, prices will be lower during the winter and you’re less likely to have to enter into a bidding war. Unfortunately, you may not have the full view of available homes unless you wait a few months. 

Buying A House In Spring

Usually, houses begin to flood the market starting in the spring. In fact, Zillow reports that April tends to offer the most options for prospective home buyers. Keep in mind that many other home buyers will be entering the market at this time too, so expect more competition than you would see in the winter months. You’ll want to prepare any necessary mortgage application materials ahead of time. 

Buying A House In Summer

The barrage of homebuying that begins in the spring usually bleeds into the summer. High inventory and lots of competition will be seen during the warmer months. While many homes will come available, it is recommended not to wait if you find a home you like within your budget. Due to the intense competition on the homebuying market, it is possible your dream home could be gone before you know it. 

Buying A House In Fall

Home experts believe the best time to buy a home is in the fall. Most families will have already settled into new homes with the school year about to start. Yet, the number of available properties remains high from the amount of homes listed during the summer. While it is typical for a buyer to find a better deal during this time, it is not a guarantee. The factors impacting real estate prices can depend on the local market, of course. 

Is Now A Good Time Buy A House In Arizona?

While the Covid-19 pandemic has had a large impact on the housing market for two years straight, it has yet to cause the market to hit rock bottom. A shrinkage in housing supply usually causes the market to drop, but this simply hasn’t happened yet. Home purchases are actually going up, thanks in large part to declining mortgage rates across the country. The ability to lock in low rates can save homeowners thousands over the life of the mortgage. 

The decrease in interest rates led to a plethora of new buyers hitting the market. The supply of homes didn’t keep up with the demand, necessarily. This means most buyers currently on the market are facing lots of stiff competition. Nowadays, you need to act fast if you wish to purchase a property. 

Should I Buy A Home In Arizona?

Of course, buying a home is always a personal decision. In terms of housing markets, Phoenix remains hot while other cities like Peoria and Winslow offer the most affordable housing prices in the state. Always investigate the current industry trends prior to investing. Purchase only according to your budget and requirements. 

Best Places To Live In Arizona

Scottsdale is a retiree’s paradise while Chandler is a great place to raise a family. The state of Arizona has so much to offer residents at all points in their lives. From breathtaking beauty to fine dining, you can’t go wrong choosing to settle in any of the cities listed below.

Flagstaff, AZ

The population of Flagstaff continues to grow, rising above 70,000 residents recently. Located in Northern Arizona, prospective homebuyers love the fact that they won’t have to deal with any harsh summers, compared to the majority of the desert. 

• Population: 73,319
• Median home value: $646,561
• Median household income: $58,748

Show Low, AZ

Known as The Gateway to Arizona’s White Mountains, Show Low is famous for world-class fishing and hunting opportunities. This is truly a unique city that seamlessly blends a small town vibe with a big city feel. Many southern Arizonans head to Flagstaff and Show Low for the summers due to the cooler weather.

• Population: 11,280
• Median home value: $429,736
• Median household income: $49,000

Gilbert, AZ

Gilbert is ranked inside a list of the nation’s top-15 safest large cities. For all families, this is a great start! Parents looking for a safe, yet growing community will be hard pressed to find a better spot than Gilbert, AZ.

• Population: 243,254
• Median home value: $328,700
• Median household income: $97,287

Scottsdale, AZ

One of the most desirable places in the state, is also one of the priciest today. The median sold price on a home in Scottsdale has increased over 20% since the year 2020. Yet, it’s blend of culture and nature makes it one of the best spots to live in the valley, especially for young families. 

• Population: 254,995
• Median home value: $724,557
• Median household income: $86,097

Chandler, AZ

Chandler consistently ranks among the top cities to live in the state of Arizona. While the single population outnumbers the married population currently, Chandler is still a very family-friendly place to live. Residents have access to award-winning school districts and a vibrant downtown area. Despite being one of the state’s most populous cities, Chandler’s housing market is still more affordable than most of the valley.

• Population: 257,076
• Median home value: $450,629
• Median household income: $85,796

Paradise Valley, AZ

Located just outside of neighboring Scottsdale, this city has become far more than a tourist destination as of late. In fact, Paradise Valley now has a population of more than 15,000. Families here will truly enjoy the incredible location and world-class real estate options. 

• Population: 14,632
• Median home value: $1,512,200
• Median household income: $211,393

Phoenix, AZ

Phoenix is not only the state capital, it is also the most populous city in Arizona. This city features historic neighborhoods surrounded by world-class views. There is no better big city life found in the desert than in Phoenix. This booming job market is great for young parents with careers on the upswing. 

• Population: 1,658,000
• Median home value: $425,130
• Median household income: $67,896