By Brent Ruffner | YourValley
Buying a home can be a daunting task these days. Higher interest rates and a lack of supply aren’t the most ideal conditions for first-time homebuyers.
Those needing to prove increased creditworthiness in a Phoenix market come as a slump in supply is occurring, according to local experts.
The Valley has the lowest number of new listings in “at least” 23 years, said Tina Tamboer, a housing analyst with the Cromford Report.
Both price points and interest rates are high, which will have the biggest impact on first-time buyers.
“I know it’s tough out there right now,” said Realtor Jan Leighton.
First-time homebuyers can apply for help such as down payment assistance programs and Veterans Affairs loans for those who have served in the military, Leighton said. Or, those homebuyers might have to set their sights lower — going from trying to buy a single-family home to a smaller option of a condominium.
