Is the Arizona Real Estate Market Shifting - July 22 Updates
Is the Arizona Real Estate Market Shifting in July 2022?
We are seeing a change in the market from where we were just 30 days ago, which can affect our economy and a consumer's ability to buy or sell a home.
Arizona Home Sellers Are Concerned
They may have missed the market and will no longer be able to get top dollar when they sell. Sellers should understand that they need to become more competitive in the market. They need to set the price for a home correctly when first listing it. If activity is low or non-existent, it is probably time to either remove the home from the market or lower the price.
Homebuyers Are Looking
Homebuyers are looking for a more affordable market with increased home choices. Inventory in the area has rebounded from historic lows. At the same time, economic factors, including rising interest rates, high inflation, and a falling stock market, are reducing the number of buyers in the market.
Between The Lines: A Phoenix Real Estate Agent's Perspective
The past two years have seen incredible price increases. But, in record time, the tide has changed, and while we are not there yet, the overwhelming question is, are we headed toward a buyer's market?
The Bottom Line
Nothing last forever; you have to change your perspective.
Buyers can be pickier and need not rush to put in an offer above the list price. A buyer has more breathing room to search for the right home. Buyers must be sure they are pre-qualified at current interest rates or can show sufficient cash to close. As rates change, the amount of homes a buyer can afford is likely to change also.
We're here to help no matter what stage of the homebuying process you find yourself in. Danny will walk you through each step of the process and guide you on when the right time is to pull the trigger. Fill out the below form for a no pressure consult.