Home buyers need to move fast if they want to spend less. Delayed purchases will only result in higher monthly mortgage payments as prices (and maybe interest rates) rise. In the metro Phoenix marketplace prices have rose significantly in the last few years making some homes unaffordable as buyers waiting on the sideline have found. The Cromford Report warns that based on their analysis of the decline in listings “[t]he implication is that home price appreciation will go much higher in 2021 than it did in 2020. Be warned. Do not be in denial.” Waiting for an “adjustment” in our pricing is not wise if you need to buy a home. A significant price decline can not be predicted, and according to the experts, will not happen any time soon.
Source: ARMLS