The Arizona Real Estate Market is Shifting
The Arizona Real Estate Market Is Shifting from Just 30 Days Ago
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.
Arizona Home Buyers are Looking
Home buyers in Phoenix and beyond are looking to a more affordable market with increased home choices.
What's Happening in Arizona Real Estate in August 2022?
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.
Phoenix Real Estate Experts Read Between the Lines
The past two years have seen incredible for 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.
Home Sellers Need to Understand
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.
Home Buyers Can Be Pickier
Buyers 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 need to be sure they are pre-qualified at current interest rates or can show sufficient cash to close. As rates change, the amount of home a buyer can afford is likely to change also.