Arizona Real Estate: Is Now the Right Time to Buy or Sell a Home?

By Jason Penrose

Jason has been licensed since 1999, and is currently one of the top 20 agents in Arizona for homes sold.

With all the talk about a housing market collapse, recession, and uncertainty, it’s easy to feel unsure. Should you buy now or wait a few years? Or should you just stay where you are and see what happens? Here’s the reality.

Too much fear and uncertainty. Social media and the news are full of doomsday predictions. People are a little panicked, and they’re asking themselves if the housing market is going to crash or if it’s a good time to buy a home. Some wonder if they should wait a few years to see what happens.

Is it a good time to buy? If you can buy a home and get a rate that makes your payment affordable, it’s a good time to buy. If you plan to stay in your home for at least five to seven years, it makes more sense to own than to rent.

When you rent, your return on that investment is zero. You’re giving that money to your landlord and getting nothing back. When you own, you eventually build equity and pay off your property. Over the long term, owning makes sense.

Are you thinking about selling? Thinking about moving, this year or the next, depends on your situation. If you have equity and homes are selling, this could be a good time.

You don’t know what the future holds.

Prices could go up, and while that sounds great for home sellers, you’ll pay more for your next home. Prices could go down. If they do, can you still move, or will you be stuck in your home for a while?

Pick the home you want to be in for the next seven to ten years. If that’s the home you’re in now, congratulations. Enjoy it. If you know you only want to stay one or two more years, it may make sense to move now, because the future is uncertain.

The housing market is always uncertain. That’s why it’s important to focus on your own situation and make the decision that works best for you today.

If you’d like to talk through your situation and see what might make the most sense for you, feel free to call or text me at (602) 738-9943, email jason@thepenroseteam.com, or visit buyaztoday.com. I’d be glad to help.