It is no news, real estate in the state of Arizona has been bright, especially for the county of Maricopa where the growth started since last year, growing from North, East, South, and to the West. Areas like San Tan Valley, Queen Creek, Tempe, and Chandler have been experiencing this grown since last year and this year will be no different. The real estate in Pinal County has started to see the light of growth, during this year and next, the county of Pinal will see a growth just like the one from Maricopa County. In my point of view, the real estate market shows evidence of a healthy growth, with mortgage rates low, as more jobs become available, the market will have a positive and healthy growth.
Looking back at the year 2020, it was a year of many surprises. Surprises that have shaped the way we are living today. 2020 had surprises as to the pandemic, unemployment rates, commercial places, and office spaces being vacated. I remember on one occasion driving on the street and noticed corner after corner with commercial retail spaces being open for rent. That was clearly not a good sign! But on the other hand, you had the residential market starting to sprout to what is turning to be a fantastic 2021. Fortunately, the measurements that we have taken, as to the mortgage rates, assistance to the communities, medical industry, resources, stimulus to support our market, have guided our residential market to the right path of growth. We still have a way’s to go and more than ever we need to keep the eye on the target.
Now, think about the positive and negative things about our current growth. The positive thing’s about the market is that we have low mortgage rates, jobs becoming more available, companies moving to Arizona, medical and transportation have also enjoyed the growth, and high demand for residential real estate. Per (Realtor) “The brighter path ahead” 2021 is a growth year.
On the other hand, the negatives have high competition on any active listing, price increase by the offer, risk of overpaying, more search for a home, and buyers finding themselves compromising condition/upgrades over price. Waiving conditions that at the long run can put you at more risk.
All these issues need to be considered when you are purchasing a home. I believe, that as prices go up we will see prices normalize and more inventory come active, for the time, to tackle the current market situation you need to empower yourself with patience to: find the right home, be on the lookout, know your area, and be flexible. I know there are more factor that affect our growth. Please share some ideas or let us know what you think and remember to always hire a Realtor.