PHOENIX — Buying a home is one of the biggest decisions you'll ever make, and so much of it has to do with timing.
Now that we're starting to see the Fed drop interest rates, more people are expected to come off the sidelines in the coming months to purchase a home.
72 Sold CEO Greg Hague told ABC15 that there are more than 18,000 homes on the market currently in the Phoenix Multiple Listing Service (MLS). He said that's three times more than what it was about three years ago.
His number one piece of advice: Consider buying now before you have a lot of competition.
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"I see it as a real opportunity here in October and November and December to find your perfect home, not have a lot of buyer competition, and then, okay, go ahead and borrow at six percent, give or take, but then refinance next year, get your rate down to five or four and a half [percent]," Hague said. "That to me would be the smart move."
For a lot of people though, home ownership can feel so out of reach today, especially that initial chunk of money for a down payment.
Hague said, there are ways around that with little or no down payment options.
Arizona and Maricopa County have first-time homebuyer programs.
Some real estate companies, like 72 Sold, will put an agent's commission back into a first-time homebuyer's down payment instead of pocketing it.
And, there are also lease-to-purchase options as well, where you can lock in today's purchase price, but lease for a couple of years until you can come up with the down payment.
With it being a presidential election year, Hague said he hopes that whoever is elected next will address the affordability issue of homeownership.
"I just hope that America maintains that dream, that it does not become a rental nation, that homeownership is not reserved for the elite," he said. "Homeownership has helped families build equity, build wealth, and have a better life. So that's my other observation. I hope that this country will address this problem because it's a serious problem."
If you are looking to buy, Hague also recommends deep-diving into the neighborhoods you're looking to buy in and do your research, so you have a good understanding of context before you put in an offer.
