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Phoenix Area Real Estate Market Update

There are many great Phoenix Area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 602-252-4191 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today we're going to take a look at current market conditions for the greater Phoenix area. We've seen the market finally return to normal, with sellers and buyers are on equal footing. One thing to be aware of is the overflow of investor property, which means some home prices are adjusted downward. However, if you price your home correctly, you should be able to sell it at top dollar. 

Having a larger inventory makes it difficult to sell your home because of the competition among other homeowners. However, we've been tracking the market over the last six months and have found that inventory, in relation to sales, has been pretty consistent. It appears we have a stabilized, balanced market - almost to the point we were at in 2003.

So, what does all this mean for you?

For buyers, now is the ideal time to purchase a home. Interest rates are still at an all-time low. We expect them to remain low until the end of the year, but aren't sure how much longer they'll last after that. Additionally, rates on 30-year fixed-rate mortgages are under 4.5%, meaning you can buy a lot more house for your money. For sellers, you can expect a lot of people to check out your property because of low interest rates. Also, because the market is balanced, if your home is priced right and ready to sell, you will likely be able to sell for top value.

As the numbers indicate, we've just about recovered from the implosion of the housing market that occurred in 2008. We're not sure how much longer market conditions will remain favorable, so give us a call or send us an email - we'd love to help you take advantage of our healthy market.