West Valley market trend
What is the outlook for the West Valley for the next six month? Well the starter home market is currently a sellers market.
Summer months are typically busy months as buyers moving before the next school year. Schools are a big draw for many as they target a particular school for their children; and not always for academics, sports are a large draw too.
Buyer demand is up. There is currently about four buyers for every three sellers. The under $250,000 market is brisk in the West Valley.
"The next six months will continue to have limited resale inventory in the West Valley."
Roger D. Nelson Jr., CEO of West Maricopa County Regional Association of Realtors
And new construction is building at a steady pace; with many builders competitive with the resale market.
Mortgage rates will likely increase slightly before the year's end, so shopping around for the best rates is very important, as rates can fluctuate day-to-day. So expect to see a slow down in the fall as those moving in the summer prior to the start of the school year and a slight increase in mortage rate.
2016 could be a busy year. Many have been waiting to buy after being foreclosed when the real estate bubble burst. The peak of the foreclosures was 2009, and the waiting period to qualify for a conventional loan after a foreclosure is typically seven years; leaving a pent-up demand.