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Often, clients ask me about what’s going on in the Phoenix market. Today, I’ve compiled the top five questions to answer for you all.
- Is it a buyer’s or seller’s market? We’re experiencing a strong seller’s market in homes priced up to $350,000. It evens out for any properties priced above $350,000.
- What does housing inventory look like on the MLS? Currently, there’s about four months of inventory, which is quite low.
- How does inventory affect prices? As you know from econ 101, high demand and low supply results in rising price. Right now, prices are appreciating at a 5% rate.
- What about interest rates? Interest rates are still historically low at 5%. This is an opportune time for buyers to take advantage of this.
- What does this mean for you? As a buyer, you should find a home ASAP! Sellers should list today while inventory is still low.
If you’re thinking about buying or selling in Phoenix, give me a call or send me an email! I’d be happy to answer any real estate questions you have.
