More Millennials buying as Arizona housing market improves

By Ruben Hernandez

Erick Vasquez, 25, is among the successful Millennial homebuyers who are playing key roles in the Arizona housing market revival.

Rising home values have young homebuyers like Vasquez looking to jump into the Valley’s improved housing market.  Vasquez enrolled in Chicanos Por La Causa’s Neighborhood Housing Stabilization (NSP) homeowners program and was able to fulfill his dream of homeownership sooner rather than later.

According to Trulia’s (a real-estate research company) year-end 2012 American Dream survey, 93 percent of adult Millennials ( up to age 34) who are now renters want to own a home someday, and they must save and educate themselves beforehand to own a home successfully.

One of the best places to get information is the Second Annual CPLC Arizona Homebuyers Expo, which will be held on Saturday, April 13, from 9 a.m.-4 p.m. at the Phoenix Convention Center. Housing industry non-profits and for-profits will come together under one roof to advise potential homeowners how to get the best deals on homes.

 Real-estate experts say the Phoenix metro housing market is recovering faster than other U.S. cities, bolstered by a 42 percent upswing in home prices. The Expo is an opportunity for CPLC to connect potential homebuyers with the many housing programs currently available and to provide the necessary tools for clients to make educated decisions when purchasing a home.

Last year, more than 2,500 people attended the event. “The potential homebuyers attending will include Millennials, military veterans, ‘Empty-nesters’ seeking to downsize, and renters looking to buy affordable homes,” said Cece San Diego, Director of CPLC NSP2 Arizona.

The CPLC Arizona Homebuyers Expo will offer free seminars, housing counseling from non-profits, information on programs and grants as well as pre-approvals on site.

There also will be an opportunity for all Expo Expo attendees on April 13 to register win a free Dream Room Giveaway. You must be 18 years or over and be present to win at the Phoenix Convention Center. For more information about the event, please visit www.AzHomeExpo.org

Vasquez bought a 4-bedroom home in Glendale in January after homeowner education classes and with assistance from CPLC. His elderly parents and his three children he cares for part-time live with him.

“That’s where you want to start if you are first-time homebuyer,” Vasquez says. “They educate you about credit and how to budget. Their goal is to get you into a house that is affordable for you. The chances of losing my house are very slim.”

With CPLC, he finally found his dream home after a year of searching with an independent real-estate agent. He had looked at 30 to 40 properties, and was becoming frustrated after he was always outbid on a house by investors.

Besides, Vasquez adds, the houses he looked at had problems – holes in the walls, air conditioners broken or missing, doors with holes and windows broken.

“The CPLC house was good to go,” he says. “Nothing was wrong. There was new paint, new drapes, new carpets, new kitchen appliances and new cupboards.”

What he especially liked was that the CPLC housing program didn’t limit him to where he could purchase a home. His home in Glendale is 15 minutes away from the electrician company where he works, and they are good schools nearby. In addition, an excellent park in his neighborhood allows him to coach his children and other youth in soccer.

Consumers like Erick Vasquez more optimistic about the Valley housing market this year. For Vasquez and his family, 2013 is truly a year to celebrate homeownership.