Market Update October 2019
Market Update October 2019, The demand continues for homes within 55+ communities throughout Arizona. The newly listed homes that are priced right and are either newer homes or have several updates sell within a few days of being listed. If the house is in excellent condition with a great location, it will sell above the listing price.
Buyers moving to Arizona year-round
We have worked with several clients this past summer that have decided to make Arizona their year-round home. Most of these buyers are staying in Arizona 8-10 months of the year. During our hottest months(mid-July – the end of August), they are traveling and visiting family and friends throughout the country. Many of them have bought RV’s. We have some beautiful state and national parks in northern Arizona. With a two hour drive, the temperatures can be 20-30 degrees cooler than down in the desert. San Diego, California, is only a five-hour drive from Phoenix.
Arizona Seasonal Rentals
The seasonal rental market throughout the state of Arizona is also in high demand. Most renters have come up short in their search and decided to buy instead of rent. It takes persistence and many hours of searching to find a winter rental. Even after finding one, unless you have seen it in person, you don’t know until you get there how clean it is. Unfortunately, we don’t offer any rentals. I wish I could provide some tips for you, but there is no easy way to find one. The best advice I can give you is to recruit friends and family in your search that already have a place here. You can also do a web search on vacation rental sites.
I want to buy, but I am not retired yet
Are you in a position to buy but are not ready to live in Arizona for more than a month or so? Many buyers are not retired yet. With the demand for rentals, buyers are purchasing homes and renting them out January-April. By doing this, they can pay for the property taxes, insurance, property maintenance, and HOA fees for the whole year. Some buyers use the home in December before the winter renters come in January and again in April and May after the renters leave. Other buyers have done monthly rentals. Renting the home for January and March and then using themselves for February and April. The price for seasonal rentals ranges from $1800.00 – $3,200.00 monthly(average $2,600.00). If you purchase a home for this purpose, I will assist you in finding your first seasonal renter.
Financing a second home or vacation home
One of my recent clients(couple) wanted to purchase a vacation home in Arizona. Although they had enough funds to pay cash for a home, the cost(taxes) to get their money out of IRA’s and 401k’s did not make sense. They decided to finance a home and take out a 30 mortgage. I forgot to mention this couple is in their mid-eighties. Mortgage companies cannot discriminate against age.
The majority of the buyers can pay cash but decide to do some form of financing. We continue to see desirable interest rates. I have seen current % rates for a 30yr mortgage as low as 3-1/2%. Fifteen-year mortgages are even lower. Whatever your scenario might be, there are many financing options available.
Arizona Home Search | Customized Link
The link below offers a broad search of homes for sale in several 55+ plus communities. If you have a list of specific requirements for a home or community, I can customize a link for your home searching experience. The following search is updated daily and is always current.
Arizona, a great place to live!
Regardless of our hot summers, Arizona is a beautiful place to live. We do have almost four seasons, not all in the same place but scattered throughout the state. If you are considering a move to Arizona or looking for a vacation home, please call me, I would love to visit with you.
Contact Jarl Today! (480-710-6326)
Arizona 55+ Community Specialist!