Considering we all know it’s hotter than Hades right now, and the kids are back in school (or soon to be) Phoenix real estate is the topic that always seems to come up. With more than 20+ years in the business, I’m constantly asked “how’s the market,Tim?” to which I reply, “well, that depends on if you’re interested in buying, selling, or investing?” which then leads to a hyper-specific discussion over the choice.
For You Buyers
If you’re actively searching for a new home in the Greater Phoenix area, it’s a fabulous time to buy. The interest rates are still historically low; financing options have become more abundant; the inventory has increased from 9000-25000 units, and there are many choices (as opposed to two years ago when buyers were fighting over properties and bidding wars ensued). That being said location and price point do come into play. If you’re looking in a desirable area or are spending less than $250k challenges prevail as it’s still a seller’s market.
For You Sellers
Speaking of sellers, if you are interested in moving into another Phoenix home and currently live in a house less than $250k, now is the time (and we can help with our “buy a house and sell a house” for half-off the listing commissions). The Arizona market is fabulous for the sale of your property and with an abundance of houses available for sale in the $250k-$500k range you’ll have plenty of choices. Therefore all you $250k-$500k price point sellers, take note. With tough competition, it’s more important than ever to stage the house and price it appropriately from the beginning (we can help with both). For anything over $500k it’s a complex market that requires more space than a blog. I would be glad to share details if you’d like to contact me directly.
For You Investors
In regards to Arizona investing, buy low, sell high. The opportunities are not as abundant as five years ago but with hard work we have still been able to afford buyers a 6% return. So for all the gossip and coffee talk about the market, I can sum it up as the Phoenix real estate market is good. We have transitioned back to a traditional market (the hardship short sales and REO properties constitute less than 7% of the market). Sellers need to be more patient (average days on market has increased to 73 vs. the Cusick Group of 42), and buyers have more financing options and new home choices.
So in closing, we’ve covered the weather, we’ve covered Phoenix real estate and the market today, now it’s off to tackle homework, mood swings and raising a house of tweens!