Arizona Current Market Updates
All,
We are definitely in trying times, but now is not the time to get discouraged! 330 people are still moving to AZ every day and need places to live. My personal retirement accounts, like everyone else are taking a beating but my properties are doing well.
In Arizona, I am seeing market demand still strong in the entry price point under the average median price of 320K for SFH and still a sellers market.
There is an influx of rentals that hit the market 10-20% in the last 30 days due to AirBnB's being converted to long term rentals due to Corona Virus.
The luxury properties continue to stay on the market longer, but have been seeing more aggressive price cuts due to people trying to recoup losses in their retirement accounts.
This shall eventually pass, but the real question is for how long?
I would recommend meeting with your lenders to see if there is an opportunity to refinance and for approval limits.
In AZ - $510,400 is the largest amount that is still a conforming loan. Any amount over that would be a jumbo loan where you would only need 10% down with no PMI, but the qualifications are more in depth.
Please let me know if you have any questions on AZ, happy to chat!
-Jared