The Luxury Housing Landscape in 2022


With rates skyrocketing here in Arizona, the housing landscape is rapidly changing, making homeownership a much harder process this year than most, especially for those seeking high-end homes. Here, Deb Klein, a branch manager at Reliability in Lending-PRMI Chandler, discusses the current state of the luxury real estate market and shares advice for those looking to purchase a luxury home in 2022. 

How long have you been in the real estate industry?

I have been in the real estate industry since 2004. I specialize in the purchase and refinancing of both primary and secondary (vacation or investment) homes. My team and I have the expertise to streamline the loan process for a quick and efficient turnaround for buyers.

How would you describe the current state of the luxury home-buying market? 

The luxury home market is shifting as inventory is rising. In regards to lending, more products are coming to the market for these luxury home buyers with expanded options to accommodate more buyers needing financing with additional flexibility regarding income, assets and lower down payments. Recently, jumbo interest rates have been trending lower than conventional lending interest rates. 

Are there currently any trends? 

With rates rising, we are seeing a bigger demand for Adjustable Rate mortgages to keep a borrower’s monthly mortgage payments lower. Additionally, some of the lending programs (such as bank statement loans for income documentation) have made a big comeback for income redistricted borrowers. 

What can buyers expect when purchasing a luxury home?

It is critically important to get fully pre-qualified as jumbo financing requirements vary from investor to investor, so it is vital to ensure you are aligned with an experienced lender that is well versed with these specific types of loans. Jumbo financing often requires minimum financial reserves and a minimum number of credit tradelines to qualify as well as numerous unique eligibility requirements depending on the individual borrower and investor chosen. 

When viewing a luxury home, the listing agent and/or seller may require proof of funds as well as a quick conversation with the lender to ensure the buyer is well-qualified to purchase the home they are viewing. So, it is important to get qualified before beginning your search for a luxury home. 

Do you have any advice for those who are looking to buy a luxury home in Arizona?

It is especially important to choose an experienced agent that specializes in the specific area you are looking to purchase a home. A knowledgeable agent will be able to help you navigate a changing market that can potentially save you thousands in the long run and a lot of headaches. Hiring the right agent/lender team is essential to a smooth, great experience. One of the many benefits of choosing a local specialized lender (such as our team) is the borrower will receive more personalized attention and support on such an especially important transaction for all parties. 

What home-buying trends or changes do you expect to see in 2022? 

This coming year, we should see a shift in the market from what we experienced the last few years. With rising interest rates, inventory will slowly continue to grow and more homes will be available for luxury home buyers. 

To learn more about Deb Klein or Reliability in Lending-PRMI Chandler, visit