If you’re thinking about buying your first home in Arizona, there’s something you should know: this is one of the best times we’ve seen in years to be a buyer. No hype—just facts. According to the Cromford Report, a trusted housing market analysis out of ASU, we’re officially in a buyer’s market here in Maricopa County for the first time in a long while. That changes everything.
But what does that really mean if you’re a first-time buyer? It means opportunity—and it might mean your opportunity. Let’s break it down.
What is a “Buyer’s Market,” and Why Should You Care?
A buyer’s market means there are more homes available than there are buyers competing for them. That gives you the power to negotiate. And we’re not just talking about a lower price. Sellers are more motivated, more flexible, and more willing to help you get the deal done.
Right now, around 60% of homes on the market are offering seller concessions—that’s money the seller is willing to pitch in toward your closing costs, rate buydowns, or other incentives to help you afford the home.
If you’ve been worried about coming up with all that cash to close, this is a game changer.
How This Impacts First-Time Buyers
For first-time buyers, it’s not just about finding a house—it’s about getting in with the least amount of out-of-pocket cost and the highest chance of loan approval. This market gives you that chance.
Here’s how current trends can work in your favor:
- Seller-paid closing costs: Many sellers are offering thousands in concessions to make deals happen.
- Room to negotiate: Homes are sitting on the market longer, so you can make offers with better terms.
- Potential rate buydowns: Some sellers are covering costs to reduce your interest rate for the first few years.
- Less pressure to overbid: Appraisals are trending more conservative, so homes are selling closer to their actual value.
This isn’t about getting lucky. It’s about knowing how to use the market to your advantage—and having a team who knows how to guide you through it.
Avoid Overbidding in This Market
One mistake we see buyers make—even in a buyer’s market—is falling in love with a home and offering more than it’s worth just to “win.” But if a home is listed at $400,000 and you offer $420,000, the appraisal may still come in at $400K. That means you might have to come up with the extra $20,000 out of pocket.
In today’s market, listen to your real estate agent and stick close to comparable home prices in the area. Overbidding can backfire and put your entire loan at risk.
The Fear Factor: Should You Buy Now?
There’s no denying that there’s a lot of uncertainty out there—economic concerns, rising costs, and headlines that make people nervous. But here’s the truth: waiting doesn’t always help. You might wait for interest rates to drop, only to find prices have jumped or competition is back in full force. In the meantime, you’re paying rent and building someone else’s equity.
We understand the fear. But we also know how to navigate it with you. At Ramon Espinoza Home Loans, we’re not here to rush you—we’re here to educate you, prepare you, and give you options that work for your life.
Take Advantage of the Market—While You Can
Trends don’t last forever. Right now, buyers have leverage, support from sellers, and more breathing room to make smart decisions. That might not be the case six months from now.
If you’re ready to explore your options, let’s have a conversation. We’ll look at your credit, your budget, and what programs you qualify for—including down payment assistance—and build a plan that makes sense for you.
Reach out to the REHL Team Clemente at: clemente@ramonespinozahomeloans.com or Ramon at ramon@ramonespinozahomeloans.com.
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