PHOENIX – US home prices are growing at the fastest pace since 2005. The new house price index shows that prices jumped almost 15% in April compared to previous years.
Prices are rising so dramatically that home sales are starting to slow down because potential buyers cannot afford to pay those prices.
For the 23rd consecutive month, the Phoenix metro area is the most popular housing market in the country, showing an increase of 22.3% over the previous year.
The housing market with such high prices is difficult for buyers these days. A couple from Ohio are struggling to make Phoenix their home.
Nick Gibson and his wife moved to Phoenix in the hopes of finding a home.
“On the first weekend of May, we collected the car … and drove its two dogs all over the country. We came here knowing we wanted to buy a house. We have been renting in Columbus for about 10 years, ”he said.
They had hoped to buy within four weeks, but now it is eight, and their Airbnb stay will soon be ending.
“I don’t think we knew what we were getting ourselves into in a competitive marketplace,” he said.
They found a house to renovate, so they made an offer only to find out that the inspection revealed many renovations.
“This is why it is so important to conduct checks,” said Gibson’s broker Aaron Carter of Carter Mosier Group home smart.
Carter says keep these tips in mind as you search for homes.
“Really stay true to your core goals, revisit them every couple of weeks and make sure you don’t move or move.”
Make a must-have list and stick to it.
“Renovated kitchen, high ceilings… I’m a tall guy, so this is definitely a factor in our journey to buying a home,” Gibson said.
“It is very important to see at home. Go to every house that you think matches the numbers, ”Carter said.
And most importantly, try to have fun and not give up hope.
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