I have a brief market update to share with you today for the Phoenix Metro area. One of the most common questions I hear is, “Are we in a buyer’s or seller’s market?” At the moment, we’re in an extreme seller’s market. Prices are moving forward, there’s a shortage of inventory, and there are more buyers for every house that’s out there.
Another question I’m getting is, “What does the housing inventory look like?” Right now, we have about 6,000 to 7,000 active listings. A normal market here in Phoenix has about 20,000. We have a severe shortage of inventory in all markets and sub-markets.
“Higher rates will impact affordability.”
Interest rates are another topic that people ask a lot about. The average rate for a 30-year mortgage is in the low 3% range right now. They’ve been starting to inch up a bit lately, which will impact buyer affordability.
What does all of this info mean for you as a buyer or seller? It’s a perfect time to sell. As rates go up, affordability will go down. As a seller, you can get the most for your home right now. As a buyer, you can lock in a 3% interest rate for the next 30 years. It’s a win-win for both sides right now.
If you have any questions about the market or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.
