Friday, February 19, 2021 / by Abbey Stoughton
Let's talk about inventory for a minute. According to Cromford Associates, earlier this month we saw inventory down 61% compared to early February 2020 in the greater Phoenix area. You might be asking, is the lower inventory making competition steep? Yes, it is! Feels like we're a broken record here at The Marsh Team, but interest rates remain historically low, so it is still a good time to buy. Now let's talk about median sales price...its risen 18% to $339,000 (early February 2021 vs early February 2020). According to Arizona Regional MLS, rental rates have also risen 18%. Let's use this example - a 1,500-2,000 square foot home is roughly $1,600-$1,700 per month to purchase with 10% down while that same home rents at a median of $1,850 per month, up $250 over last year at this time. For those who would like to reduce and stabilize their monthly housing expense with a historically low 30-year fixed mortgage rate, it’s a good time to buy. You may be worried about your purchase experience being stressful in this very hot market, but rest assured, The Marsh Team is here for you every step of the way.