Home Buying Trends Changing

Looking for a home in Phoenix?  Like fashion, trends in home buying and selling are changing–again. This time, though, you may have a greater chance of benefitting if you play your cards right.    

Several factors are impacting these new trends:

  • Distressed home prices are perhaps attracting more buyers, especially with the government’s home-buying incentive program. However, they’re also having a negative effect on those who are trying to sell their homes on their own. With more than 3 million homes expected to go into foreclosure this year, sellers have a lot of competition. Owners who are making purposeful decisions to walk away from their mortgages impact this trend even more.
  • Larger homes are no longer the most sought after. On the contrary, in these hard economic times, buyers are less interested in having a roomy abode and more interested in living within their means–a smart move, given the trend in foreclosures, particularly in the Phoenix area.
  • The government’s “helpful” mortgage-backing program was set to end last month. As a result, economists expect mortgage rates to rise to between 5.3% and 6% by the end of the year. This is expected to be a gradual increase, though. Anything else, and the Federal government will be back in the mortgage business.
  • It’s particularly hard to get financed for a condo or investment home. At this point, you may need a down-payment in the neighborhood of 10%, a credit score of around 720 and payments may be maxed out at no more than 31% of one’s income. Naturally, this shoves many of us out of the market for these financial investments.

What does all of this mean for you? Whether you’re in the market to buy a Phoenix home or to sell one, you’re going to need an agent to help you. If you’re of the thousands expected to go into foreclosure this year, let Curtis Johnson help you sell your home. Consider doing a short-sale to avoid the impact on your credit score that a foreclosure will have. The Curtis Johnson team is here to help you. If you’re looking to make the commitment of buying a home and want to be sure to pick a home that is within your means, call Curtis Johnson and let him help you find the right home for you!

Go to www.curtisjohnson.com or call 1-888-Curtis – J

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