Possible First Time Home Buyer. Should I Wait? (Phoenix: real estate, HOA)

[MountainGuy74]

Finally decided to stop paying my landlords mortgage and look at getting into my own home for the first time. I've lived here for a little over a year and have decided that Phoenix, specifically the northern side of town, is someplace I'd like to find a home. Not looking to buy anything new due to my serious dislike of any kind of HOA so I'm mostly looking at older neighborhoods where they have front and back yards and were typically built in the 80's.

I've been monitoring websites like Zillow etc and the home prices vary greatly even within the same street. I understand some are fixer uppers and others are complete remodels with pools so I get the price difference. I'm just wondering if perhaps I should wait a bit and see if home prices ad inventory changes. I was planning on starting my quest late this year or early next year so I do have some time to keep researching. What do you the experts in real estate think? Buy soon before prices rise and inventory shrinks or wait till next year where I won't overpay and there are more choices?

Thanks in advance.

[agorski]

Interest rates and home prices will most likely be higher next year so I would buy earlier rather than later. I'm sure some realtors will post rants about the problems with Zillow.

[ElleTea]

The very first thing you need to do before you start looking is get pre-approved for financing. That will give you an idea of what you can buy and will help you narrow down your search and give you an idea of what kind of down payment you will need.

I am no expert but I don't see any reason to wait. "They" have been saying that interest rates are going up an minute, and one of these minutes, they will.

[kent_moore]

As a chartist, this is the best time to buy.

[ajonesaz]

Current homes are cheaper than rent. Don't wait until the beginning of the year, once tax returns start rolling in homes are expensive. Buy in October-November. A lot of people are desperate to move by the holidays so there are better deals to be found.

[AZJoeD]

Interest rates have inexplicably remained at all time lows and can only go up. In addition housing prices and rents are continuing to rise. If you are fortunate enough to find a nice house you can lock in your payment for the foreseeable future. 2 years, 3 years, 5 years from now you will still be locked in regardless of what happens with interest rates and home prices or rents.

Some people are still paranoid that there will be another crash, I am not. Even if the market slows, waiting for prices to come down is wishful thinking.

You have started looking so that is the first step. How to pay for it is the next.

Contact a qualified local lender to discuss your qualifications. You will know how much you can purchase, what the full costs will be and what your payments will be like. Don't fall for the "come on" rates you see on the internet. Those rates may not be available to you or your chosen property.

Then get a good Realtor to help sort out the difference between the houses so you don't fall in love with a dump. Nothing wrong with Zillow, they just don't have all the information you need.

Good luck.

[madison999]

I think there are a lot of first time buyer programs in the valley that will give about $5,000 towards a down payment...

[Minntoaz]

Now. Phoenix is expected to be a hot housing market in the coming years.

[locolife]

I can't think of many good reasons to wait, you seem to know what you want and the established areas you're looking at tend to be a bit cushioned from any future down turns. With the lack of new development happening and increasing population growth now seems like a good time to buy. Rents have been going up and I don't see that stopping soon.

[john3232]

I'd recommend looking now. Prices have been moving up slowly this year and I expect we'll see the same in 2018.