Someone asked me recently, “What time of year is the market slow in Yuma?” I had to think for a second and then answer, “there hasn’t been a slow season for the last couple of years.” This can be attributed to the rise and fall of interest rates starting in the spring of 2016 where the average 30-year fixed interest rate was 3.6% to a high of 4.87% in late 2018.
Since then, interest rates have been on a steady decline due to weakening global economy and trade disputes. The current average is 3.75% for conventional loans and is anticipated to decline further.
With low rates and a strong domestic economy, the housing market is booming and the signs are everywhere (literally). Homebuyers are happy to have more buying power as their lower rates afford them higher-priced homes, and sellers are equally as happy since this volume of activity has caused home values to rise.
As more homeowners are becoming aware of their home’s rising values, refinancing is increasing and so are home sales. Here’s the problem though, there are still many more buyers than there are homes for sale. This explains the popularity of new home construction in Yuma.
Development in Yuma won’t be slowing any time soon, thanks to incentives from the City of Yuma such as the in-fill zone and impact fees much lower than the national average. We will be seeing many new home options and overall economic growth, as is apparent from the many new businesses opening up all over the city.
How can you benefit from this? The best way is to contact a real estate professional for a Comparative Market Analysis of your property. Knowing the fair market value of your home is important. This information is valuable not only for evaluating what the best financial decision is for you and your family; whether it be refinancing, listing, or renting. The options, like the economic growth in Yuma, are plenty!