Should I Buy A Home In Surprise Az?
There are about as many opinions about buying houses in this market as there housing experts. If you are someone looking for a new home for their family there are four really good reasons to consider Surprise. Check these answer to common questions.
1. If prices can still fall, why should I buy now? Most buyers want a great value in a home, but lets really look at value. Many buyers who are not investors are most likely going to be paying a mortgage. Right now it is hard to believe the interest rates are so low. So lets take an example: If homes have a current average purchase price of $120,000 and a 30 yr FHA loan at 4%, your principal and interest would be $553. Now lets say the market fluxates a little bit downward so the average home purchase price is $115,000, the payment would be $530. Ask youself is that enough of a change to miss out on the home? Lets throw another element in to the decision process. Last year at this time there were a little over 38,000 homes on the market. Now just a little over 18,000 available homes. There is a lot of competition for a nice home and buyers who wait are missing out.
2. When will my home begin appreciation if I buy now? A report from the Real Estate Department of Arizona State University just published a report that indicated overall the prices should be steady to a slight rise this year. As a general statement it feels good, but real estate is always a local affair. In Surprise, last year you could fine alot of homes under $80,000. Now is very difficult and when one does show up unless it is a wreck, there are multiple offers at list or above within days. So the price level is moving upward for the same home. There is also the Phoenix Valley geography. A major direction of growth for the valley is towards the NW. Finally, Surprise was a very small town in 2000 before the growth. Now it is over $100,000 so it's infrastructure is new, its retail centers are new it just feels good to see a bright new city. As Surprise continues to grow and houses sell, prices will continue to rise.
3. Does buying really make better sense than renting? Rents are on the rise, its a fact in the area as well as in Surprise. That average home we discussed earlier should rent for $1100 a month. With the principal and interest we talked about earlier, insurance, and taxes you can still be under rental. But lets look at the intangibles. Many people want a place where they have plenty of living space and to have control over that space. Renting a home or apartment you are typically still facing a lot of restrictions to what you can do with your home. You also have to deal with management companies that can be great or can be non-caring about your time in getting reparis done as an example. So it really comes down both financies and personal preference for the amount of control you want for you live and what your family can gain from home ownership.
4. Why Surprise? First of all it is a diverse city with retirement and family communities. When you live in Surprise, you can find people from all walks of life. The Surprise Recreational Campus has something for everyone. It is the spring training home to professional baseball. It has a regional library, aquatics center, community park and a tennis and racquet complex. One of the new additions is Dreamcatcher park which is the states first fully accessable multi-purpose athletic facility providing athletes with special needs a safe place to enjoy sports. A new entertainment community center has movies, bowling alley to come and plans for much more. Finally, Surprise is not content to be a bedroom city. With its industrial park and new companies building facilities, Surprise looks to bring jobs to the city. So there is a lot going on now and future plans are becoming a realty.
Why should you buy a home in Surprise? Its a great place to live. I know, I live here and experience it everyday. If you want to know more about homes in Surprise, I can help.