Days later, Realtor.com posted an article saying that the greater Phoenix area was among the Top 10 metros for first-time home buyers.
Is the glass half-full, or half-empty? Let's take a look at the basis for each claim!
Zillow's computations were based upon median home buyer income of $53,556 against a median home price of $187,900. A home buyer fitting this scenario would spend about 22.3% of their monthly income on a mortgage payment, which is well within traditional measures of affordability.
Zillow's pessimism is largely based on the limited supply of Phoenix-area homes priced under $200,000. However, by their own math, 56% of current listings are affordable for median wage-earners. It just isn't as exciting to phrase it that way.
Meanwhile, Realtor.com lists the greater Phoenix area among the top metros for first-time home buyers based on several factors:
- Strength in local employment figures
- Median home prices
- Median age of inventory (days on market)
- Inventory of homes of sale
- Popularity of location by home search activity
Closer to home, Fountain Hills has added new home listings in recent weeks, improving the supply of affordable homes for first-time buyers. We have several attractive condominium units that are in walking distance to Fountain Park with beautiful views. Do the math for yourself, and you'll see why this is a great time to buy your Fountain Hills home!
Ready to find your Fountain Hills home? Let me help! As your Accredited Buyer Representative, I will guide you throughout the home buying process. Consider me your one-stop resource for the latest home listings and community information!
I have helped Arizona home buyers for over 30 years, and I'd like to help you too! Contact me today for complete home buying help in Fountain Hills!
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