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The State of the Phoenix Real Estate Market
Manage episode 167151300 series 1319564
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I'm frequently asked about how the real estate market in Phoenix is doing. It's a difficult question because so much of it comes down to which areas and price points of the market you're looking at.
Whether we are in a market that favors buyers or sellers is another frequent question I get. In the entry-level price points, it is definitely a seller's market. Any homes that are updated or remodeled and show well are selling within two weeks of being listed on the market, oftentimes with multiple offers. Even up to about the $400,000 price point, the market is still strong and more of a seller's market or neutral market. Once you get above that, however, it shifts more into a seller's market because there are fewer buyers in that price point.
Another frequent question I get is about inventory. Right now, we're sitting at about two or 2.5 months worth of inventory, which also varies based on the price range. Overall, the market status is healthy and homes are selling.
While I'm not a mortgage professional, I do get asked about interest rates, and I do follow the rate changes. Our rates are at or nearing all-time lows right now, so if you've been sitting on the sidelines thinking about buying, now is the right time to move, from a monthly affordability standpoint.
So what does this all mean for buyers and sellers? If you're selling in that entry-level price point, it means that if you prep your home right and it is priced and marketed correctly, you'll absolutely sell your home in a short amount of time.
At entry-level price points, the market favors sellers.
For buyers thinking about getting into the market, you really need to have a professional guiding you step-by-step with our current market conditions.
Thanks for watching today. If you're thinking about buying or selling a home, give me a call or send me an email and we'll set you up with a free consultation.
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