Hello! It has been a little while since we have talked about what's happening in the Phoenix market and I decided to reach out. It’s been a wild few years in our world with the impact of COVID-19. There’s a lot of information being distributed in the news and social media. My goal is to help you sort through it and help you understand what it means for you. Over the past couple of years the Greater Phoenix area experienced increased buyer demand and historically low housing inventory, ie., a strong sellers market. Over the last 6 months we have slowly started to see the trend changing. As I type this message, the available housing inventory has doubled compared to last quarter. The rise in mortgage rates along with seasonality are currently identified as the primary cause of this shift. Something to keep in mind as you absorb this information is that EVERY scenario is different. The market is segmented by location, price ranges, etc. This means that while overall the Phoenix market has shifted to a buyers market, that doesn’t apply to every city, or neighborhood throughout Arizona. Keep reading and I will explain what it means for you.
Buyers
If you tried to purchase a home in the last year and were unsuccessful due to the amount of competition, consider getting back in the game. There is more inventory to choose from, which allows you to choose the home that best suits you and with less pressure. Yes, interest rates may be higher, yet mortgage payments are still affordable. There is definitely a great home out there waiting for you and it’s not a rental. Today is a great opportunity for us to get creative and negotiate the best possible terms for you. We can explore seller financing, rate buy-downs, and more. My best advice to you is to call us to have a conversation. We can help you determine what options are available for you.
Sellers
Were you hesitant about selling your home and you think it’s too late because you “missed the market?” That is not the case! As I mentioned before, while we have shifted into a buyers market that is not the case in all areas. Some zip codes and/or price ranges are performing better than others. Appreciation is still roughly 16% in 2022 and last year it was roughly 29%. Those numbers still put you in a great position to profit. Buyers are still relocating to Phoenix, locals are returning from summer vacations and starting their home search. When you do sell, the key is pricing your home strategically and presenting it to the public in the best possible condition to ensure your home finds the buyer quickly.
In a time when we have more information available to us than ever before, it can still be confusing on how to best navigate because the information changes quickly. Remember, Real Estate is hyper local and typically the news reports are behind on trends. Consult with trusted professionals to help you interpret what is happening for your situation. P.S…..We’re the trusted professionals.
Let me know your thoughts and let’s chat soon!
Tia
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