Then and Now: Buying a Home in Arizona in 2020 vs. Today

By Tina Marie Miller, REALTOR® | Loving AZ Homes | DeLex Realty. Real estate services provided through DeLex Realty.

I found this post from April 2, 2020, and I just had to laugh. Then I had to sit down for a minute.

Those were crazy days. I'm so glad they're over.

If you bought or sold a home back then, you remember. If you didn't, pour yourself a cup of coffee and let me take you on a little trip down memory lane. Then I'll show you how different things look for buyers here in Casa Grande, Pinal County and the Phoenix area this fall.

Then: "Is real estate even allowed right now?"

That was the question everyone asked me in spring 2020. On March 30, 2020, Governor Ducey signed the "Stay home, Stay healthy, Stay connected" order. Real estate had already been named an essential service a week earlier, along with appraisal and title work, so we could keep helping families. (Arizona REALTORS®)

Essential didn't mean normal, though. I wiped down a lot of door handles. Showings were one household at a time. We all learned to smile with our eyes over a mask. (Honestly, I still do all of that today, just without the mask.)

Then: house hunting through a phone screen

Virtual tours went from a "nice extra" to how a lot of people shopped. Redfin found that 63% of people who bought a home in 2020 made an offer on a home they hadn't seen in person, up from 32% the year before. Views of 3D walkthroughs on its site jumped 563% after February 2020. (Redfin)

I did more FaceTime walk-throughs than I can count. I'd hold the phone up to closets, open the oven and walk out to the backyard so buyers could "see" the view. It worked, but I'll be honest: I like it much better when you can stand in the kitchen yourself.

Then: rates hit record lows

The week of my post, the average 30-year fixed rate was 3.33% (Freddie Mac, April 2, 2020). By April 30, 2020 it had dropped to 3.23%, the lowest in the survey's history up to then (Washington Post).

Sounds dreamy, right? There was a catch.

Then: bidding wars everywhere

Low rates brought a wave of buyers, and there weren't nearly enough homes to go around. By April 2021, 80.5% of offers written by Redfin agents in the Phoenix area faced competition, one of the five highest rates in the country (Redfin via PR Newswire). The Cromford Report said 57.1% of greater Phoenix homes that closed in April 2021 sold over asking (the AZ market).

My buyers had to write multiple offers before they finally landed a home without being outbid. I saw cash buyers offering $10,000 to $30,000 over asking price, and that made it especially hard for first-time home buyers to compete. They were ready to buy, but they kept losing homes they loved. It was hard on everybody's heart.

Now: rates are higher, but you have breathing room

Here's the honest picture for fall 2026. As of October 22, 2026, the average 30-year fixed rate is 7.32%, according to Freddie Mac. That's down from 7.40% the week before. (Freddie Mac)

Yes, that's a lot higher than 2020. But rates are only one part of the story.

A little perspective from 1998

If today's rates make you wince, let me share something personal. In 1998, my husband and I bought our first home in Virginia, and our interest rate was 7.55%. That year, the average 30-year fixed rate was about 6.94% (Freddie Mac PMMS annual averages). Today it's 7.32% (Freddie Mac, October 22, 2026), which is actually a bit lower than what we paid.

Rates in the 7s felt normal to buyers back then. The sub-4% rates of 2020 were the unusual part, not today's.

I'm not telling you the payment doesn't matter. It absolutely does. But a rate in the 7s didn't stop us from buying a home, and it doesn't have to stop you. Rates change, and many buyers refinance later if rates drop. What matters most is a monthly payment you're comfortable with on a home you love. Let's sit down with a lender and find yours.

Now: more homes, more time, more room to negotiate

In September 2026, Phoenix had 18,437 active listings, up 7.5% from a year earlier. The median list price was $475,000, down 4.8%. The typical home sat 62 days on the market, and about 29% of listings had a price cut. (Realtor.com)

Phoenix REALTORS® data shows greater Phoenix had about 4.3 months of supply in September, compared with 4 months a year before (AZ Big Media).

What does that mean for you? You can actually tour the house in person. You can take a day to think. You can ask for an inspection repair or help with closing costs without feeling like you'll lose the house. And with new builds here in Pinal County, builder incentives such as rate buydowns can help bring that monthly payment down.

Then vs. now at a glance

What I learned from those crazy days

1. Be ready before you fall in love. A pre-approval made all the difference back then, and it still does.
2. The "perfect" market doesn't exist. In 2020 rates were great and homes were impossible to get. Today homes are easier to get and rates are higher. Every market has a trade-off.
3. You need a calm person in your corner. That's the part I love most about my job.

I'm grateful we all got through those days. And I'm grateful that today's buyers get to slow down, breathe and really choose a home they love.

So here's my easy question for you: did you buy, sell or move during 2020? Tell me your story in the comments!

That is why this meme makes me laugh. After all those offers and disappointments, a slice of pie and a whole tub of whipped topping felt about right. If you were a first-time buyer trying to compete back then, you understand.

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Free First-Time Homebuyer Webinar

Thinking about buying your first home in the Phoenix metro or Pinal County? I put together a free, calm, 15-minute webinar that walks you through the whole process in plain English: budgets, pre-approval, builder incentives, offers, inspections and closing. No pressure, no sales pitch.

Watch the Free Buyer Webinar

• Watch the webinar: lovingazhomes.com/first-time-buyers
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Questions? Call or text me at 480-572-2159.

Market figures are from the sources linked above and reflect the dates shown; rates and conditions change. This is general information, not financial advice. Talk with a lender about your own numbers.

Tina Marie Miller, REALTOR® | Loving AZ Homes | DeLex Realty. Real estate services provided through DeLex Realty. Equal Housing Opportunity.