Most of Phoenix is in a strong seller’s market right now. Homes are moving quickly and sellers are fetching top dollar for them.
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We’re getting closer and close to summer here in Phoenix, so I thought it would be a good time to give you an update on our real estate market and what exactly we are seeing out there.
One thing we’ve been keeping an eye on lately is our extremely low levels of inventory. Homes under $200,000 are being bought up within days and the $200,000 to $400,000 market is very active as well.
The luxury market (homes priced over $1 million) is a little different. In that market, we have a 1.5 to two-year supply of homes. This segment is more of a buyer’s market, but everything priced below it is a strong seller’s market.
Waiting to buy could end up hurting you in this market.
If you’re a seller with a home worth $400,000 and under, now is one of the best times to put your home on the market that we’ve seen in awhile. If you’re a buyer in this market, things may be competitive, but homes are only going to get more expensive from here. Interest rates are expected to go up in 2017, and waiting until they do could cost you thousands of dollars over the lifetime of your loan.
If you have any questions about the market or if you just want to have a conversation with me where we can talk more about your needs, give me a call or send me an email. I’m glad to help in whatever way I can.
