Why NOW is the Perfect Time to Buy a Home
For several months our team at The Cusick Group has been reading articles quoting Dave Ramsey, who continues to advise those who trust his financial advice to buy now. As Ramsey explains it, while everyone may be waiting for rates to come down, price appreciation continues to rise. Our team’s favorite thing to tell our clients” “Marry the House, Date the Rate,” or rather, buy the house you want now, and refinance when the rates go down.
The Phoenix Housing Market- Summer 2020
To understand whether now is a great time to buy or not, take a step back in time and understand the Phoenix real estate market during the Covid Pandemic. There was very little inventory available, and people were moving to Phoenix in droves. This lead to high competition for the little inventory that was available at the time. To provide further perspective, a balance real estate market is considered to have 165 days of inventory, and in the summer of 2020, there were fewer than 20 days of inventory.
A Past Client Story
When speaking to a friend, and past client, our Director of Operations, Barb Savoy, had this advice reinforced. In the summer of 2020, Barb’s client and her then fiancée, sold the start home they were sharing and purchased their “move up” home. During this time, the Phoenix housing market had little inventory, so Barb and her client were beat out on several offers, and after about two months of searching Barb was able to find the perfect home for the couple. Several conversations occurred during this time regarding whether it was the right time to buy a home. Fast forward to now and their property has appreciated approximately $200,000, making their leap to purchase in 2020 a great decision- these clients married the House, and dated their rate.
Marry the House, Date the Rate
The right time to buy a house is when the time is right for you, but if you are thinking about purchasing soon please remember our advice- Marry the House and Date the Rate. If you would like to schedule a time to discuss market conditions and forecasts, our team here at The Cusick group would be delighted to share the most up-to-date data with you.
For additional information, please contact us today at 480-759-1576, or visit us at Cusickgroupre.com. We look forward to talking to you about your real estate goals!
