Is Arizona a buyers market right now? Would be first time buyer

[Garrett Pickering]

Good afternoon! I am making this post to hopefully figure out whether it is a good time to buy a first home. I have been very interested in real estate investing for a while, and I don’t want to buy a house here if the market is a sellers market. I know with Covid things are weird and I wonder what impact it has had on the housing market? I have seen a lot of lower priced homes recently. Is it a good market to flip homes in? Also, I am curious on what an estimated down payment would be on a property around $150,000. I don’t have the best credit, but it’s okay I think it’s in the fair range. I am paying monthly rent on an apartment right now and I would like to make a switch if it makes sense! I have never purchased property so it would be my first time buying a home and I just recently started saving. Any advice on the market or recommendations you could give me would be very appreciated thank you happy hunting!

[Austin G.]

@Garrett Pickering

At this time the Arizona housing market appears to be mostly a Seller's Market due to low supply and high demand. This is especially apparent in the Phoenix, AZ metro which is detailed in the AZREIA and other market reports. Arizona home flipper have been doing well.. There is always a deal to be found. As a first time home buyer with a +580 credit score you can put a low 3.5% down payment using an FHA loan. Other options exist. Save the down payment, continue learning and get prequalified. Hope this helps.