2017 is just around the corner, what are your real estate plans for the upcoming year?  Thinking about buying or selling a house?  Here's what buyers and sellers need to know in 2017.

Buyers

  • Credit restrictions are loosening up.  Borrowers with FICO scores as low as 690 are now getting mortgage loans.  While people with credit scores of 750+ are getting better rates, there are still loan programs out there for people with lower credit scores.  

  • Downpayment assistance is still available.  Down payment assistance programs like Home Plus, Pathway to Purchase and Home in Five are helping buyers in Arizona make their dream of home ownership a reality.  

  • Rents will continue to rise.  In most areas rents are rising, and, in some cases, they are increasing faster than home values.  Finding a quality rental is getting more difficult.  

  • 2017 will be a popular time for first-time home buyers.  More than half the home sales in 2017 are expected to be first-time home buyers.  This will make the traditional starter homes in fierce demand this spring. 

  • Expect competition and be ready.  Spring is a busy time for home buyers in Arizona, expect to run into heated competition, especially for homes under $200,000.  A solid pre-qualification from a lender is a must.  Better yet, have your lender pre-approve you for a home loan.

Sellers

  • Consider who the buyers out looking will be and make sure your home is in the proper condition.  With over 50% being first-time home buyers, it will be important to have your home move-in ready.  Most first-time home buyers do not have the extra funds to complete repairs.  

  • Know your local market.  Most likely your neighborhood is in the middle of a seller's market.  However, how is that affecting the prices of the homes near you?  It's important to make sure you are on top of the market conditions when pricing your home and when you start negotiating offers with buyers.  

  • Listing your house this Spring?  Start getting ready now.  Assess the condition of your home and determine what you need to do to get it ready to place on the market.  Your Realtor can complete a tour and let you know what items are important.

  • Make your house stand out from the competition.  While inventory remains low, sellers will still face competition.  Increase the interest in your home by making sure your homes shines above the rest.  Complete any necessary upgrades or updates, make sure your home is clean and smelling great, stage your home by decluttering and depersonalizing, and last, make sure your home is easy to view.

Don't hesitate to contact us if you have any questions about buying or selling a home.  We are happy to help!