The development at the Phoenix-Scottsdale border would also include nearly 1,900 luxury rental units, 400,000 square feet of office space, retail, dining, dog park, and other gathering spaces.
Analysts assessed affordability as whether mortgage payments could be made, assuming a 20% down payment with a 30-year-fixed rate. They did not factor in closing costs, home maintenance costs and non-housing item costs, which all home buyers have to take into consideration.
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Despite the fact that homebuyers no longer have the advantage they did in the fall of 2022, the majority of sellers were still offering concessions in December and early January 2023.