The latest market trends every buyer and seller should know.
Where is the Phoenix market going? Many of our clients are wondering if we’re in a bubble or if prices are going to pull back or keep increasing. In response to these questions, I’ll share some of the changes that happened in the last year.
Interest rates are up 3% to 4% from last year. Prices have pulled back, so you can buy a house for around the same payment that you had last year. There’s less competition, and buyers have more homes to choose from. Our inventory has gone from 3,000 homes valley-wide to 21,000 homes, and now we’re back settling at about 13,000.
We still have a shortage of inventory, but the market is strong. We’re still receiving multiple offers on properties, and there’s a variety of choices, which is why I don’t believe that the market is going to pull back or drop. I believe that all the things that make Phoenix great and desirable are still there, and we’re still seeing a net migration to Phoenix as opposed to people leaving.
I don’t see the market reverting. I see us continuing to grow and I believe it’s a perfect time to buy a home if you’re looking. If you have any other questions or queries about real estate, call or email me. I’m always happy to help!