What to know in the Phoenix Real Estate Market
If you’re buying a home in Phoenix, Arizona, you’ve likely noticed the housing market is still anything but inviting to a buyer. Homes are still being listed with extremely high asking prices, and there still appears to be more people trying to buy a home than are selling a home. When is the market going to settle down? Are regular people ever going to be able to afford to buy a home again? Times may be tough, but the light is at the end of the tunnel, we just have to make it there! Here are some things to know about the Phenix Real Estate Market:
NOTE: No matter how the real estate market is doing, all of the information included in this post is great to know when you are looking to buy or sell a home. An informed buyer/seller means you’ll be able to make intelligent decisions that are beneficial to you and your family.
What to know & pay attention to in the Phoenix Real Estate Market
Listing prices in Phoenix are still inflated
We all know the last few years have turned the real estate industry on its head. What we thought we knew was no more, and the rules all changed. Homes sold for hundreds of thousands of dollars over asking price, and in cash! Buyers were buying homes without even looking at them first! But as we try to get back to normal, where do we stand on buying and selling houses? How far have prices fallen, and how far are they actually going to go?
If you’ve taken a look at any of the real estate websites or apps, you’ve likely sighed and thought “Not today” with one look at those prices. But list prices do not necessarily represent what home sales are looking like these days. Much like the rest of the economy, we are seeing a great deal of inflation in the home market, but it isn’t sustainable, and people are not paying these prices like they were a year or two ago.
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Things to keep in mind when searching for a home in Phoenix
If you see a home that fits your needs and seems just absolutely exorbitant, there are a few things to think about before writing off your dream home. Sales are still down, and inventory is still low, but it’s creeping back up. This means people are still setting listing prices that are extremely high, but homes are being built again, so the inventory is starting to catch up.
Days on market is also a good indicator of an overpriced listing. If a home has been on the market for over 60 days, you can assume other buyers have caught on and can tell this home is not worth this price tag.
The best rule of thumb in today’s inflated home market is to use your common sense. If you fall in love with a home and think the price is just absolutely ridiculous, think about what the home offers a buyer, and make an honest and competitive offer. Compare the home to the selling price of similar homes. Don’t compare the asking price, make sure you are looking at the actual money that was put down! But as is always true, you need to be able to walk away if the seller refuses this price. Remember, there will always be another!
Ready to begin looking for homes for sale in Phoenix?
Buying a home is a big decision. If you’re ready to move to the Phoenix Metro Area, reach out to me today at AZLiveStyles. I would love to help you find the perfect fit for you and your family!
