By Jared Dillingham | APR 11, 2017 | AZFamily.com
The Phoenix metro housing market continues to be too strong for many first time home buyers.
“They’re in this $200,000 price point. It’s so hard to find a right home, it really is,” Slava Kostadinova of DeLex Realty said.
She says she’s had clients spend a year or more looking for the right place, within their budget.
One of her clients, 25-year-old Katelyn Mingie, was on a deadline to move out of her parents’ home in Cave Creek.
She toured 40 homes over six months, and nearly gave up.
“The homes I could afford weren’t in the part of town I wanted to be in, or homes that needed a lot of work,” Mingie said.
Her initial budget was $180,000.
“You’d get an offer in, and they already had a cash buyer or be under contract with somebody else,” she said.
“We simply don’t have the supply at that price point any longer,” Kostadinova said.
Mingie ended up going nearly $50,000 over her budget and choosing a home outside of her target area.
“It was a frustrating process, but worth it in the end,” she said.
Phoenix and surrounding cities no longer rank high on lists of markets “friendly” for first-time buyers.
SmartAsset used factors, including the number of mortgage lenders, the loan funding rate, price per square foot and market volatility to come up with their rankings.
Phoenix ranked 21st, behind Raleigh, North Carolina, Denver and Charlotte, North Carolina, and just ahead of Washington, DC.
On the state level, BankRate ranks Arizona right in the middle, at No. 24 for first-time buyers.
When it comes to smaller cities, WalletHub ranks Surprise and Gilbert in the mid-50s for first-time buyers.
The algorithms are different and debatable, as a survey last year ranked Chandler and Gilbert much higher.
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