Is now a good time to buy a home?

The experts at Arizona Financial can help you understand the current housing market and assist you in deciding if now is a good time to buy. 

Why Now May Be A Good Time To Buy:

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  1. Home Prices

    The recent rise in mortgage rates has cooled the housing market and the rapid appreciation homeowners experienced in the past few years has slowed, making properties more affordable.

  2. Rental Rates

    According to Redfin.com, rents declined in the Phoenix area about 2% from 2022 to 2023; however, that doesn't erase the significant rate increases over the last few years. Rates are unlikely to drop dramatically as Arizona’s population continues to grow.   

  3. Appreciation Rates

    Arizona home values have recently seen a  decline, but the state's 10-year appreciation rate is 166.49% according to Neighborhood Scout. While there is no guarantee we will continue to see that type of appreciation, waiting too long to buy could price buyers out of the market.        

Marry your house
& date the rate

Think about buying a home like a relationship. While mortgage loan rates and home values typically fluctuate based on housing market conditions, you can buy a home now (“marry your house”) at today’s home prices, and “date the rate” meaning you may have the option to refinance to a lower rate if rates go down in the future.

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Local lender, local home loan experts

Our local mortgage experts  can help you with your unique needs and guide you through every step of the home loan process. Give us a call at 602-683-1000 or get started below.

Get our guide to Home Financing Basics

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Expert's Guide

Home Financing Basics

Inside the Guide

If you’re a first-time homebuyer or looking to refinance, download our guide to help you understand the basics about the different types of home loans.

  • Conventional vs. FHA vs. VA loans
  • Fixed rate loans vs. ARMs
  • Home equity loans vs. HELOCs

Ready to apply? We can help!

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State of the Arizona Housing Market

We checked in with two of our Residential Lending experts, Greg Thorell and Laura Chickering, to learn more about the state of the Arizona housing market and to provide answers to some of the most frequently asked questions.  

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