What Sellers and Buyers Need to Know Now
It’s time to get serious. The median sales price dropped another $10,000 last month, while active inventory increased by another 4%!! You MUST price correctly upfront, which means you cannot use sales from the peak of the market (March-July of 2022). And even then, price reductions will be common, staging is expected, repairs will be requested, and concessions will be normal.
Good news…active inventory is on the rise and interest rates are still historically low. You have choices! If you were waiting on a market shift to help you buy a home, it’s here! If the interest rates are tough to swallow, consider asking the seller to pay for a rate buy down. Remember that a home is long-term investment, and don’t lose sight of that based on short-term market changes.
Check out our latest Phoenix Real Estate Market Snapshot for the full report. Let us know if you have any questions.
Barbara Wilson, Associate Broker®
Monty Castillo, Realtor®
520-240-3560 / 707-816-2467
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TucsonAzRealEstateBlog.com / WestValleyPhoenix.com