A house is more than a place to live. A house is a home that provides a multitude of financial and emotional securities that we cannot get by being a tenant in someone else’s house.

Homeownership provides financial rewards in the form of wealth building. Think about the $2,000 per month that you pay in rent. Over 3 years, that is $72,000 that could have gone towards a house payment. Additionally the lost time of paying someone else’s mortgage, takes away from the biggest benefit of being a homeowner, which is appreciation. When held over a 20 year period of time, real estate will gain an average value of 3.8% per year. You can take any period of 20 years over the last 50 years (which is about as long as home values have been tracked) and you will ALWAYS see a return on your investment.

What would your retirement portfolio look like with that kind of return? How would you feel knowing you are building financial independence for you and your family? I don’t know about you but I can’t put a price on my emotional wellbeing. Not only have rental rates risen to their highest levels since 2020 but so have many other necessary commodities such as food and utilities. Many of these costs are rising at a faster rate than most people’s income.

Financial stress is the greatest strain on a household. Nearly 65% of working Arizonan’s are living pay check to pay check. Getting yourself into a situation where you have greater control over your financial future will give you flexibility and choices when times get tough.

As we move into 2023 prospective buyers will continue to enter our Great State from all parts of the Nation, for a variety of reasons. While other parts of the Country may experience a decline in home values, Arizona is projected to remain stable or slightly rising. Interest rates even at 6.5% will not deter first time homebuyers from jumping into the market because they see the long term value. If you are purchasing a home for your family, it is ALWAYS a good time to buy. Establish a plan to buy a home in 2023 and stay the course!