A few facts about today’s Phoenix real estate market
Today I wanted to talk about some of the opportunities out there in the Phoenix real estate market.
1. There’s a Lot More Inventory
Going back about 12-18 months ago, there were maybe a few homes to choose from combined with the large numbers of buyers competing against one another. This drove up the prices due to multi-offer bidding wars. In today’s market, buyers have more choices and can put in more reasonably priced offers for the homes they want.
2. Sellers Are Working With Buyers
A lot of sellers are having to work with the buyers to close the sale. Last month, about 89% of the transactions had some form of seller concession. Seller concessions are when the seller contributes either money or terms that benefit the buyer.
3. We’re Back to a Normal Market
Buyers today have more time to do inspections on the property, check out the neighborhoods, and make sure that the house they are interested in is perfect for them. This also prevents more problems from coming up later in the process.
4. Prices Have Dropped
We just closed on a property that the seller bought in June of last year for $540,000, and the buyer today paid only around $400,000 for the property. The seller also contributed to the closing costs. So if you’re looking to buy, now is the time.
I hope this was helpful for you today. If you have any questions about anything discussed in this post please feel free to reach out to me. I’m happy to help.