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When to buy a home in Prescott

Diane Muchmore of HomeSmart Fine Homes and Land can help you find your dream home in PrescottReal estate has its own unique terminology that sometimes seems confusing. We hear terms like “buyers’ market” and “sellers’ market.” Here in Prescott it seems there is a constant stream of sellers and buyers, and fluctuations in interest rates and property values are never ending. Diane Muchmore of HomeSmart Fine Homes and Land wants to help you understand when is the right time to buy a home.

Is it a sellers’ market? When the number of houses for sale is not enough to meet the demands of home buyers, homes that are put up for sale will sell quickly. Another benefit to sellers is they tend to get a higher price for their home based on this imbalance of supply and demand.

New Home Construction? Home building is said to be increasing this year, but it remains to be seen if new construction will keep up with the demand. The focus of home builders recently has been more middle-market and smaller, starter homes.

Pricing: Home values have risen nationwide in many areas, and that trend is expected to continue but at a slower pace. Home prices tend to be based on comparables--homes for sale in the area that have similar features which helps to establish a price range.

Interest Rates: Home loan interest rates are expected to rise, which tends to create urgency in the housing market. When applying for a mortgage, your credit matters. Work on building your credit score so that you can qualify for the lowest possible interest rate.

Regardless of what is happening in the housing market, the right time to buy a home is when you are ready. You need an experienced professional realtor to walk you through all the ins and outs of your home purchase. Whether you are downsizing or needing to expand for a growing family, let Diane Muchmore of HomeSmart Fine Homes and Land help you find your dream home in Prescott. To schedule an appointment, call 928-925-5113.

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