How To Buy a Home in a Shifting Housing Market

By Alexander Prewitt

Alexander is a Tucson native. He is a University of Arizona Alumnus and a devoted Wildcat fan. His experience in Real Estate over the last 11 years covers all aspects of residential Real Estate including listing agent, buyer's agent, and also working with distressed properties such as short sales and foreclosures.

If you’re currently in the process of buying a home or even just considering it, you’ve likely noticed that the real estate market has gone through significant changes in the past year. To help you navigate this evolving landscape, here are some tips on purchasing a home in a dynamic market.

One key strategy is to aim for a purchase price at or below the current median home value for your desired area. For example, suppose you’re looking to buy a home in a neighborhood like Desert Ridge, located in Arizona. Instead of solely focusing on individual properties, it’s wise to assess the entire neighborhood within that zip code. Your goal is to identify the median home value for that community.

Begin by identifying your hyperlocal area, typically defined by a specific zip code. Then, diligently research and determine the median home value for that area. Your objective is to make a home purchase that closely aligns with or falls below this median value. By doing so, you’ll not only safeguard your investment but also position yourself wisely in a market that continues to evolve.