REALTOR.com® Chief Economist Jonathan Smoke kicked off the Arizona REALTORS® 2016 Spring Conference in Prescott with some great news.
“Arizona’s mortgage rates are some of the best in the country,” Smoke was almost shouting. “You’ve got about four-percent more buying power right now than you did in the month of December. So, it’s a fantastic time to be purchasing.”
Despite alarmism by some about the Federal Reserve rate hike in December 2015, he reported that Arizona mortgage rates were actually lower in February 2016 than they were in June 2015.
Smoke went on to say that Older Millennials (25-34) make up 42% of homeowners in Arizona with hot spots including Dennehotso, Waddell (also projected to grow 14% in the next 5 years) and Red Rock. Which is interesting because none of these cities are in the top three counties (Greenlee, Yuma and Cochise) where 25-34 year olds are looking at listings the most.
As far as supply and demand, Smoke added that “Peoria is the hottest zip code in Arizona – 85345. That ranks in the top four-percent of all zip codes in the country. There’s no question, you’re hot!”
NAR’s Director of Digital Engagement Nobu Hata immediately followed Smoke’s presentation with the suggestion that Arizona REALTORS® contact hot-zip residents and tell them, “Hey, people are looking in your area. We need to get you out of that house right now!”