When is the best time to buy a home in Arizona?
"When is the best time to buy a home in Arizona?" This is one of the most frequent questions I get from buyers. With our current market condition being a strong buyer's market with many deals to be had, the answer to that question would be anytime. However, I think the question really translates into "when is the most active real estate purchasing season?
Historically, our market is most active right after the first of the year. The first quarter is a great time to be a buyer in the Phoenix metro area. During this time we will usually see an increase in listings as most sellers hold off listing their homes until after the holidays. Add to that the fact that our daily high temperatures range from 66-75 make touring homes a pleasant experience.
The 2nd quarter is typically the 2nd most active real estate season. We still have pretty moderate temps during this time and school is ending for the summer. This is the time when local families usually migrate to another home.
The 3rd quarter usually falls 3rd in activity. Our daily 3 digit temps don't make for comfortable touring of homes especially when you need oven mitts to drive and can roast a turkey on the front seat of your parked car. Most residents hibernate within their air conditioned homes and offices and tourist traffic is lowest with snowbirds migrating to areas of the country with a cooler median temp.
Nationally, many sellers don't want buyers coming through their home during the holidays, so they hold off listing their home until the first of the year. Many buyers don't want to add buying a home to a hectic holiday schedule unless they have to, so the 4th quarter of the year is typically the slowest real estate season. This is true nationally as well.
However, if a buyer is in the market for a new build home, the 4th quarter in today's market is a bonanza where builders are offering tremendous incentives. What are some of the local builder incentives? I'm being bombarded with e-mails from builders offering up to $175,000 cash toward buyers upgrades, pools, etc or cash right off the price of the home. One builder is offering a Lexus car lease with free gas cards. Another is offering a free flat panel TV along with cash incentives. What's the catch? These incentives are usually only offered on their inventory spec homes, the buyer must use the builder's lender and close the transaction by the end of the year. Can't close by the end of the year? There are still some amazing incentives out there. It's important to remember to take your Realtor with you on your first visit to a new build community, or the builder will not let you be represented. You really want someone watching out for your best interests. Your Realtor will fulfill this important roll.
The bottom line is buying a home in the Phoenix Metro area is like shopping in a candy store. Thousands of beautiful homes available at great prices!